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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.
[2]
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.
[3]
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)
[4]
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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At the CERAWeek conference in Houston, oil and gas executives highlight how artificial intelligence is transforming the industry, leading to faster drilling, cost reduction, and exploration of previously challenging areas.
Artificial intelligence (AI) is revolutionizing the oil and gas industry, as revealed by executives at the CERAWeek conference in Houston. The technology is accelerating drilling processes, reducing costs, and opening up new exploration opportunities in previously challenging areas 1234.
UK oil major BP is leveraging AI to enhance its drilling operations. 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. The company is using AI to steer drill bits and predict potential well problems before they occur 2.
Devon Energy, a U.S. oil producer, has experienced significant improvements through AI implementation. Chief Technology Officer Trey Lowe reported that the company can now drill in areas previously considered unfeasible 1. Devon Energy has deployed machine learning models to monitor each of its oil rigs across the U.S., resulting in a 25% improvement in the productive life of its oil and gas wells 3.
Chevron has introduced AI-powered drones to monitor its shale operations in Texas and Colorado. These drones can detect potential issues such as emissions leaks and alert field workers 1. Russell Robinson, a deputy program manager at Chevron, noted that during a three-month trial with autonomous drone company Percepto, the company reduced downtime for repairs and maintenance 2.
AI is dramatically speeding up offshore drilling processes. BP now evaluates vast amounts of seismic data in the Gulf of Mexico in just 8-12 weeks, compared to the previous 6-12 months 1. This rapid analysis helps geoscientists determine optimal drilling locations and predict potential difficulties 3.
Chicheng Xu, founder of OpenPetro AI and former petrophysicist at Aramco, highlighted how recent advances in AI, such as large-language models, are revolutionizing the sector. AI can now create three-dimensional visualizations of deep ocean floor features much faster than human analysts 14.
The implementation of AI in the oil and gas industry is becoming a crucial factor for maintaining competitiveness. Devon's Lowe emphasized this point, stating, "Companies that don't deploy it (AI) will get left behind at this point" 1234.
As the industry faces challenges such as plummeting oil prices and concerns about global energy demand, AI adoption is seen as a key strategy for maintaining profitability and improving investor confidence 12.
Beyond production efficiency, AI is also being utilized for environmental monitoring. Chevron is considering expanding its use of AI-powered drones to monitor refineries, potentially improving safety and reducing emissions 3.
As AI continues to evolve, its applications in the oil and gas industry are expected to expand, potentially reshaping the entire sector and addressing both economic and environmental challenges.
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Goldman Sachs forecasts that artificial intelligence (AI) could significantly impact oil prices over the next decade. The investment bank suggests that AI-driven efficiencies in logistics and resource allocation may lead to lower oil demand and prices.
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