Artificial intelligence in oil and gas industry and potential application for Vietnam
The 21st century marks the age of digital technology. The booming of sophisticated data, automation technologies, analytics, machine learning and artificial intelligence (AI) is transforming the way we live and work. Meanwhile, the oil and gas industry is facing disruption from many external aspects: economic downtime, social instability, price fluctuation, and increasing pressure on costs and resources. Especially since the beginning of 2020, the strike of Covid-19 pandemic and the fall in crude oil price have elevated the need to restructure and transform the industry to a level of urgency. Among all the blooming technologies, the thinking machines powered by AI appear to be one good instrument to assist decision makers on the way to overcome such obstacles. According to McKinsey, about 60 - 90% of daily operations of petroleum companies can be assisted by AI and machine learning . This article introduces the capabilities of AI in helping the oil and gas industry reshape its future and how AI can be applied in the context of Vietnam’s petroleum industry.
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