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On Fri, 14 Mar, 8:08 AM UTC
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[1]
CERAWEEK AI leading to faster, cheaper oil production, executives say
HOUSTON, March 13 (Reuters) - (This March 13 story has been corrected after Devon Energy amended data to say that it saw a 15% improvement in drilling efficiency, not a 25% improvement in productive life of its oil and gas wells, in paragraph 12, and to remove garble from headline) Artificial intelligence is speeding up oil and gas drilling and prompting companies to take a second look at places they had viewed as too difficult or expensive to develop, executives detailed during the CERAWeek conference in Houston. AI took center stage in many sessions at the world's largest energy gathering. Oil producers are seeking ways to remain profitable in an environment of plummeting oil prices and worries that U.S. President Donald Trump's tariffs could slow global energy demand. UK oil major BP (BP.L), opens new tab is using AI to steer drill bits and predict potential problems in wells before they happen, said Ann Davies, BP's senior vice president of wells. "We are able to drill more wells per year and have a better capital allocation," she said. BP announced last month it would boost annual spending on oil and gas production as part of a major strategy shift to improve investor confidence. AI has helped U.S. oil producer Devon Energy (DVN.N), opens new tab drill in areas where it was unfeasible before, said chief technology officer Trey Lowe in an interview. For example, the company can gather information about a fault in a formation, then drill on the other side to avoid it, he said. Chevron (CVX.N), opens new tab is using AI-powered drones that fly over its shale operations in Texas and Colorado to remotely monitor potential problems like emissions leaks and alert field workers. In three months of testing drones through a partnership with autonomous drone company Percepto, Chevron reduced the amount of time that production was shut in for repairs or maintenance, said Russell Robinson, a deputy program manager of facilities and operations at Chevron, in an interview on the sidelines of the conference. The drones helped workers spend less time criss-crossing the shale field performing routine inspections, he said. "We've continued to have more assets that are running at a longer time, so this is all around just producing more oil or gas," he said, adding Chevron is evaluating whether to expand use of drones to monitor its refineries. Devon Energy has machine learning models monitoring each of its oil rigs across the U.S., Lowe said. The company has seen a 15% improvement in drilling efficiency. AI is also speeding up offshore drilling. BP is evaluating vast amounts of seismic data in the Gulf of Mexico in just eight to 12 weeks with the help of AI, versus six to 12 months previously. This helps geoscientists determine where to drill a well and predict difficulties, a spokesperson said. While the oil and gas industry has used AI for years, recent advances like large-language models are revolutionizing the sector, said Chicheng Xu, founder of OpenPetro AI, a company building AI tools for the energy industry, and a former petrophysicist at Aramco. For example, building three-dimensional visualizations of features deep beneath the ocean floor would be time-consuming for humans, he said. "AI can dig through the data and find the features you want to see and visualize it to you. That's the real difference," Xu said. Cutting time and costs means gaining a competitive advantage. "Companies that don't deploy it (AI) will get left behind at this point," said Devon's Lowe. Additional reporting by Arathy Somasekhar in Houston; Editing by Simon Webb and David Gregorio Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:DisruptedExploration & ProductionRefiningGas Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
[2]
CERAweek: AI leading to faster, cheaper oil production, executives say
HOUSTON, March 13 (Reuters) - Artificial intelligence is speeding up oil and gas drilling and prompting companies to take a second look at places they had viewed as too difficult or expensive to develop, executives detailed during the CERAWeek conference in Houston. AI took center stage in many sessions at the world's largest energy gathering. Oil producers are seeking ways to remain profitable in an environment of plummeting oil prices and worries that U.S. President Donald Trump's tariffs could slow global energy demand. UK oil major BP (BP.L), opens new tab is using AI to steer drill bits and predict potential problems in wells before they happen, said Ann Davies, BP's senior vice president of wells. "We are able to drill more wells per year and have a better capital allocation," she said. BP announced last month it would boost annual spending on oil and gas production as part of a major strategy shift to improve investor confidence. AI has helped U.S. oil producer Devon Energy (DVN.N), opens new tab drill in areas where it was unfeasible before, said chief technology officer Trey Lowe in an interview. For example, the company can gather information about a fault in a formation, then drill on the other side to avoid it, he said. Chevron (CVX.N), opens new tab is using AI-powered drones that fly over its shale operations in Texas and Colorado to remotely monitor potential problems like emissions leaks and alert field workers. In three months of testing drones through a partnership with autonomous drone company Percepto, Chevron reduced the amount of time that production was shut in for repairs or maintenance, said Russell Robinson, a deputy program manager of facilities and operations at Chevron, in an interview on the sidelines of the conference. The drones helped workers spend less time criss-crossing the shale field performing routine inspections, he said. "We've continued to have more assets that are running at a longer time, so this is all around just producing more oil or gas," he said, adding Chevron is evaluating whether to expand use of drones to monitor its refineries. Devon Energy has machine learning models monitoring each of its oil rigs across the U.S., Lowe said, adding the company has seen a 25% improvement in productive life of its oil and gas wells. AI is also speeding up offshore drilling. BP is evaluating vast amounts of seismic data in the Gulf of Mexico in just eight to 12 weeks with the help of AI, versus six to 12 months previously. This helps geoscientists determine where to drill a well and predict difficulties, a spokesperson said. While the oil and gas industry has used AI for years, recent advances like large-language models are revolutionizing the sector, said Chicheng Xu, founder of OpenPetro AI, a company building AI tools for the energy industry, and a former petrophysicist at Aramco. For example, building three-dimensional visualizations of features deep beneath the ocean floor would be time-consuming for humans, he said. "AI can dig through the data and find the features you want to see and visualize it to you. That's the real difference," Xu said. Cutting time and costs means gaining a competitive advantage. "Companies that don't deploy it (AI) will get left behind at this point," said Devon's Lowe. Additional reporting by Arathy Somasekhar in Houston; Editing by Simon Webb and David Gregorio Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Artificial IntelligenceExploration & ProductionRefiningGas Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
[3]
AI leading to faster, cheaper oil production, executives say
AI took center stage in many sessions at the world's largest energy gathering. Oil producers are seeking ways to remain profitable in an environment of plummeting oil prices and worries that U.S. President Donald Trump's tariffs could slow global energy demand.Artificial intelligence is speeding up oil and gas drilling and prompting companies to take a second look at places they had viewed as too difficult or expensive to develop, executives detailed during the CERAWeek conference in Houston. AI took center stage in many sessions at the world's largest energy gathering. Oil producers are seeking ways to remain profitable in an environment of plummeting oil prices and worries that U.S. President Donald Trump's tariffs could slow global energy demand. UK oil major BP is using AI to steer drill bits and predict potential problems in wells before they happen, said Ann Davies, BP's senior vice president of wells. "We are able to drill more wells per year and have a better capital allocation," she said. BP announced last month it would boost annual spending on oil and gas production as part of a major strategy shift to improve investor confidence. AI has helped U.S. oil producer Devon Energy drill in areas where it was unfeasible before, said chief technology officer Trey Lowe in an interview. For example, the company can gather information about a fault in a formation, then drill on the other side to avoid it, he said. Chevron is using AI-powered drones that fly over its shale operations in Texas and Colorado to remotely monitor potential problems like emissions leaks and alert field workers. In three months of testing drones through a partnership with autonomous drone company Percepto, Chevron reduced the amount of time that production was shut in for repairs or maintenance, said Russell Robinson, a deputy program manager of facilities and operations at Chevron, in an interview on the sidelines of the conference. The drones helped workers spend less time criss-crossing the shale field performing routine inspections, he said. "We've continued to have more assets that are running at a longer time, so this is all around just producing more oil or gas," he said, adding Chevron is evaluating whether to expand use of drones to monitor its refineries. Devon Energy has machine learning models monitoring each of its oil rigs across the U.S., Lowe said, adding the company has seen a 25% improvement in productive life of its oil and gas wells. AI is also speeding up offshore drilling. BP is evaluating vast amounts of seismic data in the Gulf of Mexico in just eight to 12 weeks with the help of AI, versus six to 12 months previously. This helps geoscientists determine where to drill a well and predict difficulties, a spokesperson said. While the oil and gas industry has used AI for years, recent advances like large-language models are revolutionizing the sector, said Chicheng Xu, founder of OpenPetro AI, a company building AI tools for the energy industry, and a former petrophysicist at Aramco. For example, building three-dimensional visualizations of features deep beneath the ocean floor would be time-consuming for humans, he said. "AI can dig through the data and find the features you want to see and visualize it to you. That's the real difference," Xu said. Cutting time and costs means gaining a competitive advantage. "Companies that don't deploy it (AI) will get left behind at this point," said Devon's Lowe.
[4]
CERAWEEK-AI leading to faster, cheaper oil production, executives say
HOUSTON, March 13 (Reuters) - Artificial intelligence is speeding up oil and gas drilling and prompting companies to take a second look at places they had viewed as too difficult or expensive to develop, executives detailed during the CERAWeek conference in Houston. AI took center stage in many sessions at the world's largest energy gathering. Oil producers are seeking ways to remain profitable in an environment of plummeting oil prices and worries that U.S. President Donald Trump's tariffs could slow global energy demand. UK oil major BP is using AI to steer drill bits and predict potential problems in wells before they happen, said Ann Davies, BP's senior vice president of wells. "We are able to drill more wells per year and have a better capital allocation," she said. BP announced last month it would boost annual spending on oil and gas production as part of a major strategy shift to improve investor confidence. AI has helped U.S. oil producer Devon Energy drill in areas where it was unfeasible before, said chief technology officer Trey Lowe in an interview. For example, the company can gather information about a fault in a formation, then drill on the other side to avoid it, he said. Chevron is using AI-powered drones that fly over its shale operations in Texas and Colorado to remotely monitor potential problems like emissions leaks and alert field workers. In three months of testing drones through a partnership with autonomous drone company Percepto, Chevron reduced the amount of time that production was shut in for repairs or maintenance, said Russell Robinson, a deputy program manager of facilities and operations at Chevron, in an interview on the sidelines of the conference. The drones helped workers spend less time criss-crossing the shale field performing routine inspections, he said. "We've continued to have more assets that are running at a longer time, so this is all around just producing more oil or gas," he said, adding Chevron is evaluating whether to expand use of drones to monitor its refineries. Devon Energy has machine learning models monitoring each of its oil rigs across the U.S., Lowe said, adding the company has seen a 25% improvement in productive life of its oil and gas wells. AI is also speeding up offshore drilling. BP is evaluating vast amounts of seismic data in the Gulf of Mexico in just eight to 12 weeks with the help of AI, versus six to 12 months previously. This helps geoscientists determine where to drill a well and predict difficulties, a spokesperson said. While the oil and gas industry has used AI for years, recent advances like large-language models are revolutionizing the sector, said Chicheng Xu, founder of OpenPetro AI, a company building AI tools for the energy industry, and a former petrophysicist at Aramco. For example, building three-dimensional visualizations of features deep beneath the ocean floor would be time-consuming for humans, he said. "AI can dig through the data and find the features you want to see and visualize it to you. That's the real difference," Xu said. Cutting time and costs means gaining a competitive advantage. "Companies that don't deploy it (AI) will get left behind at this point," said Devon's Lowe. (Additional reporting by Arathy Somasekhar in Houston; Editing by Simon Webb and David Gregorio)
[5]
CORRECTED (OFFICIAL)-CERAWEEK-AI leading to faster, cheaper oil production, executives say
(In headline, removes garble. In paragraph 12, Devon Energy corrects data. Please read that company has seen a 15% improvement in drilling efficiency, not a 25% improvement in productive life of its oil and gas wells.) HOUSTON, March 13 (Reuters) - Artificial intelligence is speeding up oil and gas drilling and prompting companies to take a second look at places they had viewed as too difficult or expensive to develop, executives detailed during the CERAWeek conference in Houston. AI took center stage in many sessions at the world's largest energy gathering. Oil producers are seeking ways to remain profitable in an environment of plummeting oil prices and worries that U.S. President Donald Trump's tariffs could slow global energy demand. UK oil major BP is using AI to steer drill bits and predict potential problems in wells before they happen, said Ann Davies, BP's senior vice president of wells. "We are able to drill more wells per year and have a better capital allocation," she said. BP announced last month it would boost annual spending on oil and gas production as part of a major strategy shift to improve investor confidence. AI has helped U.S. oil producer Devon Energy drill in areas where it was unfeasible before, said chief technology officer Trey Lowe in an interview. For example, the company can gather information about a fault in a formation, then drill on the other side to avoid it, he said. Chevron is using AI-powered drones that fly over its shale operations in Texas and Colorado to remotely monitor potential problems like emissions leaks and alert field workers. In three months of testing drones through a partnership with autonomous drone company Percepto, Chevron reduced the amount of time that production was shut in for repairs or maintenance, said Russell Robinson, a deputy program manager of facilities and operations at Chevron, in an interview on the sidelines of the conference. The drones helped workers spend less time criss-crossing the shale field performing routine inspections, he said. "We've continued to have more assets that are running at a longer time, so this is all around just producing more oil or gas," he said, adding Chevron is evaluating whether to expand use of drones to monitor its refineries. Devon Energy has machine learning models monitoring each of its oil rigs across the U.S., Lowe said. The company has seen a 15% improvement in drilling efficiency. AI is also speeding up offshore drilling. BP is evaluating vast amounts of seismic data in the Gulf of Mexico in just eight to 12 weeks with the help of AI, versus six to 12 months previously. This helps geoscientists determine where to drill a well and predict difficulties, a spokesperson said. While the oil and gas industry has used AI for years, recent advances like large-language models are revolutionizing the sector, said Chicheng Xu, founder of OpenPetro AI, a company building AI tools for the energy industry, and a former petrophysicist at Aramco. For example, building three-dimensional visualizations of features deep beneath the ocean floor would be time-consuming for humans, he said. "AI can dig through the data and find the features you want to see and visualize it to you. That's the real difference," Xu said. Cutting time and costs means gaining a competitive advantage. "Companies that don't deploy it (AI) will get left behind at this point," said Devon's Lowe. (Additional reporting by Arathy Somasekhar in Houston; Editing by Simon Webb and David Gregorio)
[6]
AI leading to faster, cheaper oil production, executives say
HOUSTON (Reuters) - Artificial intelligence is speeding up oil and gas drilling and prompting companies to take a second look at places they had viewed as too difficult or expensive to develop, executives detailed during the CERAWeek conference in Houston. AI took center stage in many sessions at the world's largest energy gathering. Oil producers are seeking ways to remain profitable in an environment of plummeting oil prices and worries that U.S. President Donald Trump's tariffs could slow global energy demand. UK oil major BP is using AI to steer drill bits and predict potential problems in wells before they happen, said Ann Davies, BP's senior vice president of wells. "We are able to drill more wells per year and have a better capital allocation," she said. BP announced last month it would boost annual spending on oil and gas production as part of a major strategy shift to improve investor confidence. AI has helped U.S. oil producer Devon Energy drill in areas where it was unfeasible before, said chief technology officer Trey Lowe in an interview. For example, the company can gather information about a fault in a formation, then drill on the other side to avoid it, he said. Chevron is using AI-powered drones that fly over its shale operations in Texas and Colorado to remotely monitor potential problems like emissions leaks and alert field workers. In three months of testing drones through a partnership with autonomous drone company Percepto, Chevron reduced the amount of time that production was shut in for repairs or maintenance, said Russell Robinson, a deputy program manager of facilities and operations at Chevron, in an interview on the sidelines of the conference. The drones helped workers spend less time criss-crossing the shale field performing routine inspections, he said. "We've continued to have more assets that are running at a longer time, so this is all around just producing more oil or gas," he said, adding Chevron is evaluating whether to expand use of drones to monitor its refineries. Devon Energy has machine learning models monitoring each of its oil rigs across the U.S., Lowe said, adding the company has seen a 25% improvement in productive life of its oil and gas wells. AI is also speeding up offshore drilling. BP is evaluating vast amounts of seismic data in the Gulf of Mexico in just eight to 12 weeks with the help of AI, versus six to 12 months previously. This helps geoscientists determine where to drill a well and predict difficulties, a spokesperson said. While the oil and gas industry has used AI for years, recent advances like large-language models are revolutionizing the sector, said Chicheng Xu, founder of OpenPetro AI, a company building AI tools for the energy industry, and a former petrophysicist at Aramco. For example, building three-dimensional visualizations of features deep beneath the ocean floor would be time-consuming for humans, he said. "AI can dig through the data and find the features you want to see and visualize it to you. That's the real difference," Xu said. Cutting time and costs means gaining a competitive advantage. "Companies that don't deploy it (AI) will get left behind at this point," said Devon's Lowe. (Additional reporting by Arathy Somasekhar in Houston; Editing by Simon Webb and David Gregorio)
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Major oil companies showcase AI applications in drilling, monitoring, and data analysis at CERAWeek conference, leading to increased efficiency and cost savings in oil and gas production.
Artificial Intelligence (AI) is revolutionizing the oil and gas industry, as revealed at the CERAWeek conference in Houston, the world's largest energy gathering. Major companies are leveraging AI to enhance drilling efficiency, reduce costs, and explore previously challenging areas 12.
BP, a leading UK oil company, is utilizing AI to steer drill bits and predict potential well problems before they occur. Ann Davies, BP's senior vice president of wells, stated, "We are able to drill more wells per year and have a better capital allocation" 1. This technological advancement has led BP to increase its annual spending on oil and gas production as part of a strategic shift to boost investor confidence 3.
Devon Energy, a U.S. oil producer, has implemented machine learning models to monitor each of its oil rigs across the country. The company reported a 15% improvement in drilling efficiency, allowing them to operate in areas previously deemed unfeasible 5. Devon's chief technology officer, Trey Lowe, explained that AI enables them to gather information about geological faults and adjust drilling strategies accordingly 1.
Chevron has introduced AI-powered drones to monitor its shale operations in Texas and Colorado. These drones, developed in partnership with autonomous drone company Percepto, have significantly reduced downtime for repairs and maintenance 1. Russell Robinson, a deputy program manager at Chevron, noted that the drones have allowed workers to spend less time on routine inspections, leading to increased oil and gas production 4.
AI is also making waves in offshore drilling. BP now evaluates vast amounts of seismic data in the Gulf of Mexico in just 8-12 weeks, a process that previously took 6-12 months. This acceleration helps geoscientists determine optimal drilling locations and predict potential difficulties 12.
Chicheng Xu, founder of OpenPetro AI and former petrophysicist at Aramco, highlighted that recent advances in AI, such as large-language models, are transforming the sector. AI's ability to quickly process and visualize complex data, like creating 3D visualizations of subsea features, is providing a significant competitive advantage 1.
The adoption of AI in the oil and gas industry is becoming increasingly crucial for maintaining competitiveness. As Trey Lowe from Devon Energy emphasized, "Companies that don't deploy it (AI) will get left behind at this point" 15. This sentiment underscores the growing importance of AI in shaping the future of energy production and exploration.
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