AI Articles and Analysis in Natural resources

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.

A recent PricewaterhouseCoopers study revealed that the global market for drone-powered business solutions was valued at $127.3 billion in 2016. For agriculture, prospective drone applications in global projects were valued at $32.4 billion.

Global spending on utility customer information systems (CISs) and analytics is expected to total nearly $37 billion from 2014 to 2023, according to a report from Navigant Research. Some of the top utilities companies in the United States have been using predictive analytics to enhance operations, cut costs and improve customers’ experience.