How AI is Driving Oil and Gas Market Recovery

Ian Burgess, Validere’s CTO, sat down with Faiza Rizvi at the Hart Energy AI Roundtable to share his thoughts on how the downturn has accelerated the need to adopt new technologies. Other speakers at the roundtable included Michael Maltsev, CEO and president of RigER; David Zahn, COO at Ambyint; and Owen Plowman, vice president of business development at Actenum Corp. 

With the accelerated need to adopt new technologies in the downturn, AI is a natural solution. Although there has been a stigma surrounding AI in the past, those concerns have started to diminish. Professionals are becoming increasingly aware of the significant benefits of AI, machine learning, and analytics: reduced costs and increased production. Especially in a downturn, executives are looking for more efficiency. 

Professionals in the industry are curious to see how AI will contribute to the recovery of the oil and gas industry. Validere’s CTO, Ian Burgess, discussed how AI comes into play when you have considerable change on both the refinery and producer side. Companies need to scan all their options to optimize. Picking the best solution most rapidly will allow companies to be more thoughtful when spending. 

As for the workforce, Michael Maltsev, David Zahn, and Ian Burgess mentioned that with increased automation, there would be less of a need for personnel that manage the rule and more of a need for personnel who identify and manage the exception. With more centralized data, when something goes wrong, the problem is much more complex. An abundance of scientific data increases the demand for personnel and tools that understand the scientific method – an extremely valuable asset to have in a post-pandemic market. Professionals should expect that AI will augment their job and increase their span of control. In effect, there will be more opportunities to take on essential tasks that will have a meaningful impact on the bottom line, whereas the repetitive tasks will be left to the machine. 

To watch more of the Hart Energy AI Roundtable as they discuss challenges and trends when implementing AI, click here

Chloe