Tuesday, July 16, 2019

Artificial Intelligence News

The Fundamentals of AI in Oil and Gas

© Busakorn / Adobe Stock

The oil and gas industry has cutting-edge technology when it comes to the processes of drilling for oil, but when it comes to invoicing and scheduling crews and equipment, the technology is rather basic. On top of the antiquated technology for administration work, the oil and gas industry faces challenges of working in unconnected environments and complex pricing of their products and services.When taking into consideration these challenges…

BHGE to Bring AI to Oilfield

© Siarhei / Adobe Stock

Oilfield service company Baker Hughes, a GE Company (BHGE) has entered into a joint venture with the California-based Artificial Intelligence (AI) software provider C3.ai to accelerate the digital transformation in the oil and gas industry."AI in the oil and gas segment helps improve overall performance by ingesting massive quantities of data, becoming intelligent about specific…

UKCS Investments On the Rise

Image: Aberdeen & Grampian Chamber of Commerce

North Sea operators and contractors are investing across people, R&D, technology and new markets to support continued growth, said a new report.The 30th Oil and Gas survey, conducted by Aberdeen & Grampian Chamber of Commerce in partnership with the Fraser of Allander Institute and KPMG UK, pointed out that around 45% of contractors have increased investment spend in the UK…

Schlumberger Taps Google as Preferred Cloud Provider

(Image: Schlumberger)

Services company Schlumberger said on Monday it has renewed and expanded its agreement with Google Cloud to develop cloud-native exploration and production (E&P) applications to help its customers derive actionable insights from data and harness the power of Google’s cloud infrastructure and artificial intelligence (AI) capabilities.Schlumberger has deployed its oil and gas petrotechnical software suite…

O&G Skills Requirements Shifting

(Photo: OPITO)

Action is needed now to retain, retrain, recruit and renew the workforce in a rapidly changing UK oil and gas sector.These are the findings presented by energy skills body OPITO, who has set out a strategy to prepare the UK oil and gas industry for a shift in skills requirements over the next six years.OPITO’s Skills Landscape 2019 – 2025 report, part of the UKCS Workforce Dynamics research series…

Exxon, Microsoft Ink Cloud Computing Deal for U.S. Shale

File Image: AdobeStock / © Shamtor

Exxon Mobil Corp and Microsoft Corp have agreed to use cloud technology in the U.S. oil producer's shale operations, they said on Friday, helping to boost profitability in the nation's largest shale field.The companies will collect data from Exxon's wells and other production assets in the Permian Basin of West Texas and New Mexico, where the world's largest publicly traded oil and gas company holds 1.6 million acres…

BP Invests in New AI Technology

(Image: BP)

BP has invested further in artificial intelligence (AI) technology as part of an effort to accelerate project lifecycles, from exploration through to reservoir modeling.The super major announced Monday that its technology investment arm BP Ventures has infused $5 million into a Series A financing for Houston technology start-up Belmont Technology, which has developed a cloud-based geoscience platform that uses AI.Belmont’s platform…

Wellit Partners with Norvestor

© Danial / Adobe Stock

The owners of software company Wellit have decided to sell 60 percent of company shares to private equity company Norvestor.Wellit develops logistics solutions for the global oil and gas industry. Its software, WELS, is a cloud-based multi-tenant platform tailored to the oil and gas industry.WELS enables all involved parties in the oil and gas value chain to communicate on one logistics platform…

New Service for Offshore Blade Inspections

Photo: ESVAGT

WTG blade assessments are usually costly and time consuming. EWPL Ocean aggregates tasks and wind turbines in scope for blade assessment into its service train and can offer this service at an attractive price, with no weather risk.ESVAGT said it has joined forces with Wind Power Lab, an Artificial Intelligence and blade specialist, to offer a series of services that support the control of offshore assets and expand their lifetime…

Nippon Foundation Addresses Global Ocean Threats

Yohei Sasakawa, Chairman, Nippon Foundation. Copyright: Nippon Foundation

Nippon Foundation is a philanthropic organization active globally with a simple mission, social innovation. While its activities today cross many activities and borders, when founded in 1962 its efforts focused largely on the maritime and shipping fields. Last month in Houston we spoke with Nippon Foundation Chairman Yohei Sasakawa, focused specifically on Nippon Foundation’s…

DNV GL Unveils Renewable Energy Data Platform

Photo: DNV GL

DNV GL is launching GPM Horizon, a data monitoring platform with full integration of current and future renewable energy systems including solar PV, wind and energy storage assets. GPM Horizon enables future-proof fleet management by bringing digitalization technologies and integrated renewables systems together in one platform, which are the key drivers for the global energy transition.Global energy forecasters…

Partners Set Out to Drive Subsea Digitalization

A five-year partnership agreement between Subsea 7 company i-Tech Services and Leidos will aim to develop and apply digital technologies to drive efficiency of operations and competitive advantage in the offshore oil and gas sector.Through the partnership, the companies say they will be able to to increase efficiencies in life of field capabilities by providing clients with…

US Oil Industry Set to Break Record, Upend Global Trade

© Calin Tatu / Adobe Stock

Surging shale production is poised to push U.S. oil output to more than 10 million barrels per day - toppling a record set in 1970 and crossing a threshold few could have imagined even a decade ago. And this new record, expected within days, likely won't last long. The U.S. government forecasts that the nation's production will climb to 11 million barrels a day by late 2019, a level that would rival Russia, the world's top producer.

Ketelaars Takes the Lead for DNV GL - Oil & Gas in the Americas

Frank Ketelaars (Photo: DNV GL)

Frank Ketelaars took up the position of Director of Region Americas in DNV GL – Oil & Gas on 1 October, as North America’s energy system undergoes a transition. DNV GL’s recently published Energy Transition Outlook shows significant shifts in US federal energy and climate change policies. Reducing dependence on imports is a key driver for the energy transition in North America.

Rovco Joins NVIDIA Inception Program

Becoming a NVIDIA member will allow Rovco to enhance its 3D reconstruction capabilities and inspection techniques. Picture – 3D reconstruction of jacket structure. (Photo: Rovco)

UK-based subsea company Rovco has announced plans to take artificial intelligence (AI) to new depths after being selected to join the NVIDIA Inception Program. Designed to nurture start-ups that are revolutionizing industries with advances in AI and data science, the virtual incubator program supports members overcome critical stages of product development, prototyping, and deployment.

OPEC Should Let Price 'Rebalance' Markets

The 1980s film “WarGames” contains an important lesson for OPEC and shale producers about the futility of trying to manage the oil market. Released in 1983, the movie blended new concerns about home computers and hacking with older concerns about the accidental start of nuclear conflict and mutually assured destruction. In the film, the U.S. Air Force's new war-planning computer…

OPEC Should Let Oil Prices Rebalance the Market

The 1980s film “WarGames” contains an important lesson for OPEC and shale producers about the futility of trying to manage the oil market. Released in 1983, the movie blended new concerns about home computers and hacking with older concerns about the accidental start of nuclear conflict and mutually assured destruction. In the film, the U.S. Air Force's new war-planning computer…

Big Oil turns to Big Data for Drilling Economies

In today's U.S. shale fields, tiny sensors attached to production gear harvest data on everything from pumping pressure to the heat and rotational speed of drill bits boring into the rocky earth. The sensors are leading Big Oil's mining of so-called big data, with some firms envisioning billions of dollars in savings over time by avoiding outages, managing supplies and identifying safety hazards.

Statoil's Digitalization Drive

Eldar Sætre, Statoil’s chief executive officer. (Photo: Ole Jørgen Bratland)

Statoil is establishing a digital center of excellence and launching a roadmap with seven specific programs for digitalization in the company towards 2020. Towards 2020 Statoil expects to invest $120 to $240 million in new digital technologies, accelerating the digital roadmap work. Digital technologies will also be part of other Statoil technology and research projects. “Aiming to be a global digital leader within our core areas…

Yaskawa Invests In Large-capacity Kinetic Energy Storage Company, Teraloop

Team picture: left to right: Mikko Järvinen (legal advisor), Philippe Pépin (COO), Edward Ridgway Watt (CEO), Petri Saarinen (CDO), Marco Tatti (Board Director) (Photo: Yaskawa)

Yaskawa Electric Corporation has completed a strategic investment in Helsinki-based Teraloop, a startup grid- and utility-scale kinetic energy storage company. This equity investment aims to help Teraloop accelerate the steps needed to bring its patent-pending storage solution to the market within the next two years. The financing will allow the prototype to be finalized for a complete simulation in commercial working conditions.