Brokerage Jefferies sees AI fuelling next wave of innovation in oil and gas sector

Here are 10 predictions for future applications of AI in energy, according to brokerage Jefferies.

Asset management & monitoring

Jefferies expects energy firms to partner with tech companies to develop digital replicas of their infrastructure to manage assets and facilitate predictive maintenance, identifying defects before they occur.

Shell has partnered with Akselos, a Swiss modeling and simulation company, to use its digital-twin technology.

Optimise exploration

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AI can be utilised to better map recoverable volumes from discovered reservoirs. Shell is using AI-based technology from big-data firm SparkCognition in its deep sea exploration and production to boost oil output, potentially cutting exploration timeline to as little as nine days versus nine months.

Drilling, well design

AI platforms could provide optimal designs – including placement and spacing – to maximize productivity.

In 2022, oil-field services firm Patterson-UTI CEO William A. Hendricks Jr said AI may allow one person to manage 4 rigs instead of one person per rig.

Maximising well production

AI will be utilised to monitor and adjust well output, flow rate and pressure in real-time and identify anomalies.

Range Resources is testing such an AI algorithm.

Maximising recovery rates

AI could help enhance oil recovery at brownfield sites, subject to declining production and higher operating costs.

Italian oilfield services firm Saipem is developing an AI tool to maximise well quality.

Refinery optimisation

AI will allow refineries to rapidly react to changing market conditions and adjust feedstock and output accordingly.

Emissions detection & monitoring

AI-based imaging technology could identify methane plumes and quantify emissions volumes.

Chevron has utilised machine learning and advanced technologies to detect, prevent emissions and make timely repairs.

Cybersecurity

AI could identify and resolve security breaches real time and pinpoint vulnerabilities to minimize breaches.

Workplace safety & efficiency

AI could identify potential hazards, track worker fatigue and improve efficiency.

Corporate & strategic decision making

It can also help boost capital budgeting, planning and risk management.