As the oil and gas industry looks to adopt and deploy artificial intelligence, companies are recognizing the enormous profit potential of using AI tools to optimize processes and control costs on a granular level. With few companies having in-house expertise in AI, they are turning to third-party contractors for assistance. Enverus, one of the oil industry’s leading providers of SAAS-based data analytics and consulting, recently introduced an AI tool called Instant Analyst, which leverages generative AI technologies from Amazon Web Services to analyze vast data streams for real-time decision-making.
Instant Analyst uses Enverus’ proprietary research and analytics to provide highly relevant, accurate, and easily verifiable answers to user queries. The tool can also integrate customer data through Enverus Fusion technology, allowing customers to leverage their confidential data while maintaining high standards of quality and accuracy. Enverus is also exploring adding AI to its proprietary software applications to automate routine tasks, freeing up employees to focus on tasks directly relevant to their expertise without needing to be software “power users.”
AI is seen as a way to address the industry’s “great crew change,” as experienced Baby Boomers retire and fewer young people enter key areas like petroleum engineering and geology. Fortuna believes AI can bridge the knowledge gap between generations of employees, preserving and transferring institutional knowledge within companies. While AI has been used in specific applications in the industry for years, the potential for its wider deployment in the energy sector is set to explode in the next decade.
Fortuna emphasizes that AI technology has advanced rapidly in recent years, with capabilities that would have seemed unimaginable just a few years ago. He believes that the potential for AI to positively impact every field of endeavor is considerable, and the oil and gas industry is just beginning to scratch the surface of what is possible. With AI technology continually advancing, the opportunities for innovation and efficiency in the industry are vast. Companies will need to adapt and embrace AI to stay competitive in this fast-evolving landscape.
