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Striking Oil with AI and Machine Learning

Rick Heicksen By: Rick Heicksen

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As the industry that manages the primary source of energy that powers nearly every facet of our lives, including our homes, transportation, and the industries we work for, the oil and gas industry has been significant in our everyday lives. Furthermore, this sector creates employment opportunities within various positions that drive positive economic growth for many countries. Adding on to this is how much money is consistently being spent on this sector by governments to keep it going, with the United States alone budgeting "over $580 million to remediate thousands of abandoned oil and gas wells and reclaim abandoned mines," according to the Budget of the U.S. Government for 2022.

While the fluctuation of oil prices stands as a significant challenge, other operational issues and complexities are a result of an aging infrastructure, environmental concerns, health and safety risks, and poor data management and decision-making. The consequences of these challenges not being properly met are issues with sustainability concerning environmental regulations, maintenance issues, potential injuries or fatalities, and of course, efficiency deterioration.

However, Artificial Intelligence (AI) and its subset: Machine Learning (ML), can be the modern tools needed to not only address the challenges but also reduce costs, enhance safety, improve operational efficiency, optimize production, and mitigate environmental impact.

Cranking Out Advancement

So how can Artificial Intelligence achieve such fundamental advances?

Addressing these challenges and the consequences that come with implementing AI and ML is possible due to a range of technologies and a skilled team of developers. These technologies include cloud computing, diverse programming languages such as Python and Julia, Natural Language Processing (NLP), and deep learning. Software engineers use them alongside large-scale data storage systems to develop a custom AI solution that can face these challenges head-on.

The results of using Artificial Intelligence and Machine Learning tech in oil & gas can include optimizing operations and reducing costs, while also addressing critical matters such as enhancing safety and risk management and reducing negative environmental impact.

Fortunately, the adoption of AI and ML is on the rise within the oil and gas industry. Some examples of this are ExxonMobil, as they leverage AI and ML techniques to enhance drilling operations and reservoir management. Shell, as their operations, has been bolstered for predictive maintenance and better asset management. Fortunately, Artificial Intelligence and Machine Learning aren't only for big corporations. Various types of SMBs within the oil and gas sector can apply these technologies with a team of dedicated developers.

Whether it would be for SMBs providing services like well logging and testing, drilling, and equipment maintenance or companies focused on compliance, pipeline inspections, and environmental monitoring - there's a cutting-edge custom solution.

Fueling a Better Today

As the advances within renewable energy sources continue and the legislative battles to incorporate them rage on, we shift our focus to problems of the past and the here and now. For the time being, the oil and gas industry will remain the fundamental and primary source of the fuel we use to get to where we’re going and do what we want to do. However, it’s important to note that businesses within this field have suffered many issues throughout the years and require a smart aid.

With money and resources continuously being funneled into this sector to maintain our modern living, AI and Machine Learning stand as versatile tools to meet a plethora of hurdles being faced by this sector worldwide.


Chetu, Inc. does not affect the opinion of this article. Any mention of specific names for software, companies or individuals does not constitute an endorsement from either party unless otherwise specified. All case studies and blogs are written with the full cooperation, knowledge and participation of the individuals mentioned. This blog should not be construed as legal advice.

Chetu was incorporated in 2000 and is headquartered in Florida. We deliver World-Class Software Development Solutions serving entrepreneurs to Fortune 500 clients. Our services include process and systems design, package implementation, custom development, business intelligence and reporting, systems integration, as well as testing, maintenance and support. Chetu's expertise spans across the entire IT spectrum.

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