AI Revolutionizes Oil and Gas Industry: Faster, Cheaper Production Reported at CERAWeek
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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
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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
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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
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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
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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
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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
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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.
AI Transforms Oil and Gas Operations
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
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.Drilling Innovations and Efficiency Gains
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"
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. 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 confidence3
.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
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. Devon's chief technology officer, Trey Lowe, explained that AI enables them to gather information about geological faults and adjust drilling strategies accordingly1
.AI-Powered Monitoring and Maintenance
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
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. 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 production4
.Accelerating Offshore Exploration
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
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.Related Stories
The AI Revolution in Energy
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
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.Industry-Wide Impact
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"
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. This sentiment underscores the growing importance of AI in shaping the future of energy production and exploration.References
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