Points of View

Leverage AI solutions to optimize cost and improve control strategy for upstream O&G operations

Mar 18, 2020 Tanmoy Mondal

The global oil and gas (O&G) industry is in turmoil due to oil price declines and growing demand for cleaner energy resources. IMF announced cuts in 2019 and 2020 oil price forecasts and indicated that renewable energy is becoming more affordable. Upstream operations involve major capital expenditures for oil and gas companies, so cost optimization is now a top priority for them. The World Bank has also confirmed that it will not invest in upstream oil and gas post-2019 to promote sustainable energy, as it is cleaner and cheaper. This PoV enables oil and gas companies to evaluate the AI solutions that they can implement for upstream oil and gas to achieve cost reductions and overall efficiency.

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