The Next Frontier!

Given the challenging scenario in the oil and gas industry, the use of artificial intelligence in the supply chain can be a game changer.

- Dr. Pranjal Kumar Phukan

Artificial Intelligence is driving the evolution of interconnected digital supply networks. This change can help supply chain managers be more dynamic, flexible, and efficient in their planning and execution. Supply chain planning has always been a data-rich, analytical process. But as linear supply chains evolve into interconnected digital supply networks (DSNs), powered by advanced technologies and interconnected systems, the way we think about supply chain planning could fundamentally shift. Organizations can use intelligent technologies to make smarter planning decisions, enabling them to reduce costs, remove reliance on “tribal knowledge”, gain deeper and broader insights into their supply chains, dramatically improve decision-making processes, and increase the agility of their DSN.

How AI techniques supports Oil & Gas Industry

AI creates a simulated experience that plays a vital role in the decision-making process. The use of machine learning techniques and case-based reasoning to reference previous knowledge of similar situations could save time, money and manpower across the first stage of the E&P process. Machine learning and other big data applications could save the oil and gas industry as much as $50 billion in the coming decade, according to management consulting firm McKinsey & Company.

AI can be used in optimising the drilling process and enhancing operational efficiency, leading to a reduction in drilling costs. Drilling engineers employ AI-driven and reality-enabled platforms that have better control over rates of penetration (ROP) enhancement, drilling equipment condition, risk recognition, and procedural decision making.