5 November 2024, Tue |
2:47 PM
Beyond Limits will highlight AI technology solutions that can help the oil and gas sector become more efficient and sustainable at ADIPEC 2021. AI and data analytics are already gaining traction in the oil and gas industry, with AI solutions assisting businesses in becoming more sustainable by maximising resource utilisation, reducing waste, and improving operations.
“Advanced solutions powered by Cognitive AI technology are already addressing some of the biggest challenges facing the oil and gas sector now and in future. AI can be applied to many different areas of operations, such as exploration, oil field planning, compliance with environmental regulations, preventative maintenance and more. Beyond Limits is providing the solutions to our customers that are improving their efficiency and sustainability in the real world,” said Ken Habson, General Manager EMEA at Beyond Limits.
For the first time, the company, which has a large portfolio of advanced technologies designed for NASA space missions, will exhibit Cognitive AI solutions that can help the energy sector address some of the major difficulties it confronts today at ADIPEC. Beyond Limit’s Cognitive AI solutions integrate historical and real-time data with embedded human knowledge and human-like reasoning to assist businesses in making better decisions in upstream and downstream scenarios.
According to recent research from NVIDIA and Beyond Limits, high-performance AI frameworks powered by GPUs may increase profitability by over 13% in oil field planning scenarios when compared to traditional approaches, while also reducing the number of injector wells dug by 58%.
Drilling expenses are reduced by up to $5-10 million per well due to the substantial reduction of injector wells, while environmental dangers such as groundwater seepage and damage to geological stratifications are minimised. Improved extraction methods also eliminate the need for potentially hazardous oil recovery processes and fracturing.
Exploration businesses can acquire the best possible rate of extraction and guarantee resources are used to their full potential by using cognitive AI-powered solutions to extend the life of wells. Cognitive AI systems integrated with IoT sensors in the downstream can monitor dynamic refinery conditions and unplanned events in real time, as well as foresee difficulties like equipment breakdowns.
Some Cognitive AI technologies have optimised refineries in a short period of time, resulting in up to a 17 percent increase in operating to plan.
Beyond Limits recently partnered with Group 42 (G42), an Abu Dhabi-based Artificial Intelligence and Cloud Computing firm, to lead a significant funding round to expand Beyond Limits’ scale and reach in the Middle East and other markets, as well as to explore synergies in the application of advanced AI solutions.
