Mining giant BP has invested in US-based start-up Beyond Limits, which has developed artificial intelligence (AI) technology to explore space. This technology will be adapted for oil and gas exploration.
Global AI trend in the oil and gas industry
AI for exploring new resources has been surging among oil and gas contractors and companies that are looking to use big data to their advantage.
Pioneer Natural Resources, a US-based oil company, has also stated its intentions to use AI to increase its rate of success when drilling new oil wells.
In April 2017, Eni, a leading Italian oil and gas company, announced that it would be using a super computer for future explorations. Eni Chief Executive Claudio Descalzi stated that using the super computer would boost the accuracy and efficiency of the company’s geological and seismic imaging efforts.
BP’s foray into AI
Beyond Limits has developed software for NASA and the US Department of Defence, which can be commercialised. BP and Beyond limits have reached an agreement, and this is evidence that oil companies are now more conducive to accepting digital technology to explore oil and gas in far-flung areas.
It is anticipated that the AI technology will provide BP with superior seismic survey results, and using state-of-the-art computing processes, the oil and gas major will be able to analyse this data quickly and efficiently.
The software will also allow the company to improve the safety and reliability of its infrastructure and production processes. In doing so, it will improve efficiency and help the company to combat the decreasing oil price.
BP Digital Innovation Officer Morag Watson said that AI is an important technology that will ensure better performance of oil and gas companies.
BP Director Exploration and Production Bernard Looney has acknowledged that the oil industry has been late to embrace technology, but said that now things are changing and big data will revolutionise oil exploration and production.