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Improving Risk Management with Artificial Intelligence

Technological advancements are revolutionising the petroleum industry, allowing companies to mitigate risks inherent in operations.

By integrating artificial intelligence with risk management systems, companies can gain real-time insights into processes, such as defect detection and compliance with safety standards. This is valuable in offsetting risks associated with asset life, productivity, financial performance, and health and safety.

Key fact: Machine learning algorithms can save up to 20% of drilling time and 15% of costs associated with well construction

Using machine learning, AI technology can also assist with data management. Usually collected manually on disparate devices, data gathered on oil and gas operations is often uncoordinated and difficult to align.

Advanced risk management software gathers data from multiple sources and integrates it all on a common platform, making it easier for operators to utilise insights and offset risks.

Leveraging technology also benefits project management. The use of 3D and 4D visualisation software, for example, allows engineers to accurately plan ahead by giving them a visual summary of a site’s subsurface conditions.

Key fact: The value of AI in the oil and gas industry is expected to reach US $3.81 billion by 2025

Benefits

  • Less safety hazards

  • Increased productivity

  • Reliable data

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