The adoption of artificial intelligence (AI) by technology companies has been rapid. Traditional sectors, including the oil and gas (O&G) sector, are quickly adopting AI into their business models as well. However, understandably, the pace of adoption for this sector has been slower because it is considered more challenging to employ AI processes for current business models, and digital competence is a key requirement to extract value.
Nevertheless, as cases and regulations around AI evolve, energy companies are beginning to find more ways to use AI. Companies are collaborating with AI startups and Big Tech companies to run pilot projects evaluating the practicality of using AI in their day-to-day business, as well as exploring changes to their risk-management frameworks to address technological and regulatory risks arising from the adoption of AI.
We believe AI, which collectively includes machine learning (ML), robotics and natural language processing (NLP), has