AI In Oil and Gas Market Trends and Forecast 2022-2028

The Report’s Scope
For the oil and gas industry, artificial intelligence (AI) is proving to be a cost-effective investment. It is increasingly being used in the industry to improve a variety of upstream, midstream, and downstream processes, ranging from boiler diagnostics to actual drilling. AI is being used extensively in applications such as quality control, prediction planning, and predictive maintenance for upstream, midstream, and downstream. The scope of the report also includes service types such as professional services and managed services.

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Trends in the Market
Upstream Operations to Expand Significantly

Organizations all over the world are attempting to improve the efficiency and effectiveness of the exploration and production processes. The operations in this field are the primary drivers of AI use in oil and gas companies. AI tools can assist oil and gas companies in digitising records and automating the analysis of gathered geological data and charts, potentially leading to the identification of issues such as pipeline corrosion or increased equipment usage.

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With the integration of AI software, oil and gas companies may gain critical insights to improve their business outcomes in their upstream processes.

Companies such as BP and Royal Dutch Shell, which have committed to achieving net-zero carbon emissions by 2050, are under increasing pressure to reduce their carbon footprint in order to comply with the Paris Agreement. Shell is using artificial intelligence (AI) technology to perform predictive maintenance on individual pieces of equipment or entire systems in order to reduce its carbon footprint. This factor enables businesses to anticipate and handle potential equipment failures before they occur. Baker Hughes, an energy technology company, and AIQ, the Abu Dhabi National Oil Company’s (ADNOC) joint venture with Group 42 (G42), announced a strategic collaboration agreement in November 2021 to develop advanced analytics solutions for the global oil and gas industry.

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AI has numerous applications in the oil and gas industry, including production optimization with computer vision to analyse seismic and subsurface data faster, downtime reduction for predictive maintenance of oil and gas equipment, reservoir understanding, and modelling to predict oil corrosion risks to reduce maintenance costs. Furthermore, the market has seen significant investments in technology by major players.

The region’s demand for AI in the oil and gas sector is expected to be driven by factors such as the region’s strong economy, the high adoption rate of AI technologies among oilfield operators and service providers, a strong presence of prominent AI software and system suppliers, and combined investment by government and private organisations for the development and growth of R&D activities.

ExxonMobil, one of the country’s largest oil producers, announced plans to increase production activity in West Texas’ Permian Basin by more than 1 million barrels per day (BPD) of oil equivalent by 2024. When compared to current production capacity, this capacity represents a nearly 80% increase.

Furthermore, owners and operators in the United States recognise how IT-based automation can address the unique challenges of the upstream oil and gas sector in a productive manner. Baker Hughes, for example, employs the InForce surface control system, which combines hydraulic power to activate downhole tools with control logic to govern an intelligent well system. For more complex completion configurations, the PLC controls system functions. It is primarily used in situations where remote operations must be performed via existing SCADA.
Among all enabling technologies, AI is expected to play a significant role in the region’s oil and gas industry.

This report segments the global AI in oil and gas market into:

Global AI in Oil and Gas Market: By Type Analysis