AI Infiltrates Oil Industry To Speed Up Drilling, Cut Costs

Many tech analysts have accused the oil industry of being too slow to adopt new technology. Yet the industry is itself the source of much technological progress in its narrow, specialized field. Over the past ten years, however, oil and gas have started to open up for digital technology and automation. In fact, the energy industry has very much embraced all things digital and AI. And now, these technologies are helping it produce more oil and gas for less money.

According to Evercore ISI, “There’ll be significant cost savings, at a minimum double digits, but probably in the 25% to 50% of cost savings in certain scenarios,” Evercore analyst James West told Bloomberg. These are some significant cost savings, for sure. And if they do materialize, they would certainly enable higher production—if the industry develops an appetite for it.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil Industry Consolidation in the Legislative SpotlightIt was only a matter of time before the megadealsand the smaller dealsof 2023 drew the attention of the wrong people.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Qatar Teases Significant Oil and Gas Industry Announcement on SundayQatar's state energy company, one of the world's biggest LNG exporters in the world, has teased a very important announcement.
Source: OilandEnergy - 🏆 34. / 68 Read more »