Global oil supply appears comfortable for the next three years, but according to Market Report Series: Oil 2017, growth slows considerably after that. To keep pace with demand after 2020 means getting caught up with 21st-century technology immediately.
The oil and gas industry has long leveraged innovation, namely when it comes to drilling, but business intelligence capabilities, such as Artificial Intelligence (A.I.), have been reserved for only the largest of projects and biggest of companies.
But seeing as there is no end in sight for the era of cheap oil, the industry has no choice but to more bullheaded in the democratization of tools like A.I., automation, and IoT due to the need to operate in lower margin environments. Data and intelligence must move beyond the drill bit, into every facet of an organization.
Bring Production into the Space Age
The drilling operations have long since been in the space age. They have invested billions in the hope and prayer that some crazy new technology using thin fiber to crack through hard stone would produce oil. And voila, with one tweak on a mobile app, a rig worker can instruct a drill bit that is thousands of feet underground to hit squarely on the …