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Global Energy Advisory - 9th June 2017

OIl

While this week has seen high-level political and geopolitical developments that hint at a dangerous climax in tensions emanating from the Middle East - as an OPEC rift widens and exacerbated by rumblings in Washington, we start with a look at technology and artificial intelligence instead …

• BP has invested $20 million in a startup with 20 years of experience in artificial intelligence. Beyond Limits, which has a long history of working with NASA on developing tech solutions to be used in space, has now turned to Earth to focus on developing AI solutions for a range of industries, beginning with oil and gas. According to BP, its partnership with the AI developer will completely change how exploration, production, and refining are done. According to Beyond Limits, the company will aim to create software that can think like a human and “augment human capability.” In fact, the company will be adapting its space solutions to the oil and gas industry, improving not just exploration results but also decision-making. Effectively, the news represents perhaps the first major foray of AI in oil and gas, as the industry begins to increasingly open up not just to automation and enhanced-efficiency technology but also big data and, now, artificial intelligence. The energy industry has been notorious for refusing to join the digital revolution that has engulfed most other industries but its adoption of cutting-edge tech was only a matter of time: when the…




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