AI Articles and Analysis in Natural resources

ExxonMobil is the largest investor-owned company in the world and the largest oil company by revenue in the Western world.

This article has been sponsored by Iron Mountain, and was written, edited, and published in alignment with Emerj’s sponsored content guidelines. 

Oil and gas companies face many of the same challenges as large banks and established insurance firms when it comes to searching through their backlogs of documents. They want to use the data stored within these documents to make decisions on where to drill and determine whether or not they’re in compliance with laws and regulations. 

Although it's apparent that AI development is slow-moving in the industry, food and beverage companies may be able to use AI for food processing, in particular:

The International Energy Agency’s latest annual gas market report, Gas 2018, estimated that global gas demand could reach more than 4,100 billion cubic meters (bcm) in 2023. This is an increase from 3,740 bcm in 2017. Greater gas demands mean more oil rigs, and the machines on these rigs break down.

There's an entire artificial intelligence ecosystem for enterprise search. Most of this is in a purely digital world. Most vendors help with a layer of AI-enabled search that understands terms or phrases and is able to return the results or answers to questions that someone types in. But the problem is compounded when it comes to searching the physical world.

According to McKinsey, global gas demand is expected to reach 4,503 billion cubic meters (bcm) in 2035, showing a more than 1% annual growth from 3,736 bcm in 2017. Asia is expected to be the biggest consumer of the resource at 47%, followed by the rest of the world (24%), the Middle East (16%), and the United States (14%).

Event Title: NITI Aayog-ORF AI for All Conference

Event Host: NITI Aayog, Observer Research Foundation