Artificial Intelligence (AI) in Oil and Gas – Thematic Research

The global AI market size in oil & gas was $1.8 billion in 2019 and the market is expected to grow at a CAGR of more than 23% between 2019 and 2024. O&G companies collect exceptional quantities of data, but a large share of it goes unused. Harnessing the power of this data could deliver companies from the downturn and position them for long-term success. There is a profound opportunity for companies to excel by using AI in bold new ways.

The AI in the oil & gas research report will give you an understanding of how AI can help navigate the problems presented by low oil prices, sustainability concerns, and COVID-19. The report also identifies leading AI vendors in oil & gas and shortlists potential partners based on their areas of expertise and historic partnerships.

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AI in Oil & Gas - Value Chain

The AI in the oil & gas industry value chain can be split into machine learning, data science, conversational platforms, computer vision, AI chips, smart robots, and context-aware computing.

Machine learning: Machine learning (ML) involves building models that learn and improve from data without being explicitly told what to do. Many companies use ML as part of predictive data models or software platforms that analyze behavioral data.

AI Market Value Chain

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AI in Oil & Gas – Impact

Many companies are already implementing AI to improve operational process efficiency. O&G companies are well-positioned in that they generate exceptional quantities of data, so there is plenty available for analysis by and training AI tools. A typical obstacle O&G companies encounter is that their data is siloed, making it impossible to derive insights. Moving data to AI-powered, cloud-based platforms make it more usable.

Leading AI Adopters in Oil & Gas

The leading AI adopters in oil & gas are ADNOC, BP, Shell, and others. In 2017, BP partnered with Microsoft Azure to implement ML for smarter drilling processes.

Leading AI Vendors in Oil & Gas

The leading AI vendors in oil & gas are Alibaba, Apple, Alphabet (parent company of Google), and others. Alibaba has a strong cloud foundation for its AI platform, PAI, which supports various business units within the Alibaba ecosystem.

Specialist AI Vendors in Oil & Gas

The specialist AI vendors in oil & gas are ABB, C3 AI, Emerson Paradigm, and others. ABB’s Ability Genix Industrial Analytics and AI Suite helps industrial companies harness AI to minimize cost and risk.

Oil & Gas Sector Scorecard

At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecards have a thematic screen and a valuation screen.

• The thematic screen tells us who are the overall leaders in the themes that matter most, based on our thematic engine.
• The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.

Oil & Gas Sector Scorecard – Thematic Screen

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AI in Oil & Gas Market Report Overview

Scope

The report provides:

• Comprehensive AI value chain. Identification of the seven key AI technologies, explanation of what they are, how they are used, and how sophisticated they currently are. Identification of the leading AI vendors, specialist AI vendors, and leading oil & gas adapters for each of the seven technologies.
• Explanation of how AI can help five key challenges facing the oil & gas industry: COVID-19, sustainability, resource availability, skill development, and operational cost reduction.
• Listing of all AI-related M&A activity in the oil & gas industry from 2018-present.
• Extensive coverage and analysis of relevant companies’ relative positions in the AI theme: 8 oil & gas AI adopters, 17 leading AI vendors, and 12 specialist oil & gas AI vendors.
• Forecast valuations of the AI platforms in the oil & gas market up to 2024. AI platforms in oil & gas market share by country, 2020.
• Data on oil & gas executive sentiment towards AI, on how COVID-19 has changed that sentiment, and on how many are already investing in AI.
• A unique thematic scorecard that ranks oil & gas companies according to their positioning in the ten themes most important to the industry, of which AI is one.

Key Highlights

• According to GlobalData’s patents database, the oil & gas sector’s interest in AI is exploding. Executives know that to survive the current downturn, and later thrive, is a matter of making the right investments.
• AI helps O&G companies resolve the problem of resource availability. Most major companies are already using AI to augment exploration. It reduces both time and cost.
• Of the top 35 oil & gas companies globally, GlobalData assigns a maximum 5/5 score to three companies on the AI theme. Seven companies receive a good score, six receive a neutral score, ten receive a lagging score, and nine receive a minimum 1/5 score.
• One case study in the report concentrates on BP’s use of Kelvin’s sensors to reduce methane emissions. Kelvin specializes in automating physical systems using AI. Six months after implementation, a significant reduction in methane leaks was observed. Production volumes increased, and also operating costs decreased.

Reasons to Buy

This report will help you to: 

• Survive the current downturn by understanding how AI can help navigate the problems presented by low oil prices, sustainability concerns, and COVID-19.
• Identify leading AI vendors in oil & gas and shortlist potential partners based on their areas of expertise and historic partnerships.
• Position yourself for future success by investing in the right AI technologies. Cut through the noise with GlobalData’s invest-explore-ignore ratings for each AI technology for each segment of the industry (upstream, midstream, downstream, and end customer).
• Uncover the oil & gas companies excelling in AI implementation with GlobalData’s thematic scorecard. Understand and replicate their success with the extensive coverage of each leading company’s activity in the company section.
• Develop relevant and credible sales and marketing messages for O&G companies by understanding key industry challenges and which AI products are desired.
• Identify attractive investment targets by understanding which companies are most advanced in the themes that will determine future success in the O&G industry.