AI Articles and Analysis in Natural resources

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

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The oil and gas industry is usually divided into three major operational sectors: upstream, midstream, and downstream. Upstream involves the exploration and production of oil and natural gas. Midstream usually refers to transportation and storage stages. Downstream encompasses the various processes involved in refining and selling oil.

McKinsey reported that most oil and gas operators have not maximized the production potential of their assets. A typical offshore platform, according to the 2017 report, runs at about 77% of its maximum production potential. Industry-wide, the shortfall comes to about 10 million barrels per day, or $200 billion in annual revenue.