Investment in AI, big data and analytics could cut capital expenditure by 20 percent and add $300 billion a year to offshore cash flows by 2025
Digital innovation to drive unprecedented era of oil and gas productivity as global energy demand continues to rise
ADIPEC 2019 to bring together industry thought leaders to explore the nexus between break though technologies and energy
Perhaps no other industry in the Middle East and North Africa has so ambitiously embraced digital transformation than the oil and gas sector.
According to recent reports, the oil and gas industry in MENA continues to fast track digital transformation as companies invest in technologies to support faster and leaner exploration and production and optimisation of costs.
In the last five years, the region has seen a focus on cost reduction strategies and lean transformation in response to changes in the energy market. Significant research and development spends were allocated to technologies to enhance the efficiency of new and existing projects.
Technology to cut capital expenditure
According to McKinsey, effective use of digital technologies, such as cloud, the Internet of Things (IoT), mobility, artificial intelligence (AI), virtual reality (VR), big data and analytics could cut capital expenditure by up to 20 percent.
At the same time, it forecasts that total cash flows will improve by $11 per barrel across the offshore oil and gas value chain, adding $300 billion a year by 2025.
Oil & Gas 4.0 at ADIPEC
dmg events, organisers of the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, announced that Greg Cross, Artificial Intelligence Pioneer, Serial Entrepreneur, Co-Founder and Chief Business Officer of Soul Machines will headline the event as a keynote speaker at Oil & Gas 4.0, the Strategic Conference at ADIPEC.
“Accepting change, understanding the unknown, can always be a challenge. In today’s fast-paced digital world, artificial intelligence is enhancing the business environment, helping corporations to become more efficient and connected. Digital Humans change how we interact with customers and can facilitate everyday assignments in a more productive and cost-effective manner. At Oil & Gas 4.0, I will be discussing how digital humans can become an integral part of the workforce, and the ethics, liability and governance behind today’s digital society.” Cross said.
Oil & Gas 4.0, the strategic conference at ADIPEC 2019 will feature conference sessions that will explore the nexus of technology and energy, including the links between digital transformation, people and partnerships, that are enabling change and creating the basis to build the oil and gas companies of the future.
Sushmita, Assistant Editor – BusinessLiveME, enjoys writing about a variety of topics, including but not limited to, energy, video games, infrastructure, cyber security, feminism and gender, and popular culture. Apart from her content-related duties, Sushmita is adept at making to-do lists.