#AI Tech Increasingly
Leveraged in the Oil & Gas Industry; (NASDAQ: $NVDA) (TSXV: $MCLD.V)
(OTCQB: $MCDLP) (NYSE: $ACN) (NYSE: $RDS_A)
Point Roberts WA,
Vancouver BC – February 28, 2019 – Investorideas.com,
a global investor news source covering Artificial Intelligence issues a special
edition of The AI Eye, looking at advancements
in artificial intelligence in 2019 and beyond.
Artificial Intelligence (AI) technology is
penetrating many industry verticals in various ways, and the oil & gas
sector is no exception. Recent data from market research site Mordor Intelligence
reveals that the AI in the oil & gas market will exhibit a compound annual
growth rate (CAGR) of 12.14 percent from 2018-2023. And as the technology
improves, the array of applications correspondingly increases, ranging from “streamlining
the overall production process” to “controlling the wastage across the
endpoints”.
Read
this in full at https://www.investorideas.com/news/2019/technology/02281AI-OilGas.asp
An instance of a comprehensive AI solution
in the space is the collaboration between NVIDIA Corporation (NasdaqGS:NVDA)
and Baker Hughes, a GE Company. A blog post from NVIDIA claims
that the two companies’ partnership “spans the operations of oil companies. And it does so using the full
breadth of our AI solutions”.
This
includes NVIDIA DGX-1 AI supercomputers in data centers for model training;
NVIDIA DGX Stations for supercomputing at the desk side — or even on remote
offshore platforms where bandwidth is limited; and NVIDIA Jetson AI
supercomputers-on-a-module for real-time, continuous deep learning and
inferencing at the edge.
More
recently, Universal mCloud Corp. (TSXV:MCLD.V) (OTCQB:MCLDP),
an AI Analytics, IoT
connected asset care cloud solution company, signed a three-year
global licensing agreement with Fulcrum Automation Technologies Ltd to deploy
the former’s AssetCare platform in the oil, gas, and refining industries,
targeted at $15 million USD. According to their website,
mCloud’s AssetCare works “through a combination of AI-driven control and
optimization, and mobile asset management capabilities delivered on smartphones,
tablets, and digital eyewear”. Explaining the platform, mCloud President and
CEO Russ McMeekin said:
"We
created AssetCare with the objective to serve a diverse portfolio of critical
assets. The application of AssetCare in the oil, gas and refining markets
presents a strong opportunity for mCloud to broaden its reach, achieve higher
margins and address the industry's need for deep energy analytics. mCloud will
leverage its Founders' decades of experience working with many of the global
Fortune 50 companies in the market and will greatly benefit from Fulcrum's
strong presence in the industry."
Accenture (NYSE:ACN),
which boasts over 40 years of collaboration with software company SAP SE,
recently announced plans to
co-develop the latter’s SAP S/4HANA Cloud solution designed to help oil and gas
companies significantly cut operational costs and create new revenue
opportunities. According to the announcement, the SAP S/4HANA is a: “portfolio
of intelligent cloud services that set new industry standards with more
transparency into operations and cash flow through cutting-edge technologies
including artificial intelligence (AI), mobility and blockchain”.
Frank Westerhof, general manager of
Enterprise Platforms at Shell (NYSE:RDS-A), who are
providing input for the cloud solution said:
“Delivery
of oil and gas industry requirements within SAP S/4HANA Cloud will enable us to
accelerate our strategy towards a standard SaaS ERP platform. We are very happy
to see SAP collaborate with Accenture to develop these industry requirements,
given Accenture’s 40 years of experience in the oil and gas industry.”
And Shell, one of the five biggest oil
& gas companies in the world, have themselves had considerable involvement
with AI. A report from the Wall Street Journal
last year said Shell: “will use technology from C3 IoT and Microsoft Corp.’s
Azure to predict when maintenance is needed on compressors, valves, and other
equipment; help steer drill bits through shale deposits; and improve the safety
of employees and customers. Shell also is using artificial intelligence tools
from Bonsai, a company Microsoft bought earlier this year that builds software
to help computers run autonomously”.
Like many other industry verticals, AI is
advancing in the oil & gas sector with considerable speed and vigor, and
even from within the industry, as with Shell.
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