Jan 2019
Matthew Chinn and Mirko Wutkewicz, Siemens
Artificial intelligence may seem like a solution in search of a problem, but an on-line retailer has used it since 2006, helping to grow sales by 1,600%. It is now being applied in oil and gas operations, and it added value in an E&P pilot program with 30 electrical submersible pumps.
Amazon.com has a valuable lesson for today's E&P operators, who are seeking to address core challenges with various technology solutions. It involves the application of artificial intelligence (AI) to enable customers to cross- and up-sell themselves – no sales representatives are needed. Chances are, many Amazon shoppers have used it's AI features without even knowing it.
Now let's consider the E&P challenges that AI can help address. A major goal is to reduce production costs to approximately $10 bbl or less – helping to ensure profitability in virtually every operators are adopting manufacturing models supported by greater electrification, automation and digitalizating. Ultimately, they must maximise operational efficiency and output productivity, which requires boosting performance and utilization of most equipment assets.
Exploring the digital transformation of Oil & Gas
As we strive to make oil and gas production cleaner, safer, smarter, and more secure, the only way forward is to adapt the disruptive technologies reshaping our industry. More automation and intelligence are already creating significant efficiency gains and improved safety in all steps of the value chain in the industry.
Digital technology offers an increasing degree of intelligence to all kinds of energy suppliers and consumers. By collecting data and knowing how to analyze it, we can translate huge quantities of information into better operational decisions, and we can do it faster. Digitalization is creating new opportunities to couple the many different elements of the energy landscape, even across sectors, and optimally exploit the advantages of each.
When: Thursday, 23 May, 2019
Where: The Crystal, London
Time: 12:00 – 18:00, followed by a cocktail reception
Join us to discuss the cultural change affecting the O&G industry and the new business models needed to transition into the energy policies for 2050. Find out more here.
About Siemens
Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for 170 years. The company is active around the globe, focusing on the areas of electrification, automation and digitalization. One of the world’s largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of efficient power generation and power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. With its publicly listed subsidiary Siemens Healthineers AG, the company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2017, which ended on September 30, 2017, Siemens generated revenue of €83.0 billion and net income of €6.2 billion. At the end of September 2017, the company had around 377,000 employees worldwide. Further information is available on the Internet at www.siemens.com.