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Anyone following this blogsite for the last year or so has seen ARC’s coverage of how emerging technologies such as IIoT, Big Data, AI and machine learning can and are impacting upstream and midstream oil & gas operations for the better. I am sure there are lots of other areas in which machine learning can play a role today but my main focus is in the oilfields and pipelines operating around the world. Oil & gas companies of all shapes and sizes have been decimated over the last 19 months by the decline in oil prices and almost all of them are either laying off staff and/or looking for ways to lower their cost per boe, increase production and improve EUR, and/or improve collaboration in either their internal ecosystem or their external one.
ARC firmly believes that it is the savvy companies are today taking somewhat contrarians actions and investing in these new technologies in order to better position themselves for the time when oil prices begin to recover to new trading ranges; unfortunately for many of these companies that new trading range will likely not hit $100 per barrel for a long, long time (some may argue never again). Therefore, oil & gas companies must rid themselves of the cultural hesitancy to try new technologies and continue to open their minds and, yes, a growing share of their limited budgets to invest in new technologies such as machine learning, IIoT, and Big Data, among others. ARC believes that the ROI on such investments will prove it was money well spent.
If you are really serious about learning more (and perhaps sharing more) about how AI/machine learning can help your oil & gas operations, then we strongly encourage you to join our webinar on June 1st and hear from one of the machine learning experts at SparkCognition as he educates us on some of the common machine learning approaches used today and how machine learning and cognitive analytics can offer real value. Last but certainly not least will be the presentation from a Flowserve executive in which he will discuss how they received real benefits from cognitive analytics in their business. I really hope you can join us and please feel free to ask any questions you may have about how cognitive analytics and machine learning can help you operate more cost effectively in these margin compressed times.
ARC firmly believes that it is the savvy companies are today taking somewhat contrarians actions and investing in these new technologies in order to better position themselves for the time when oil prices begin to recover to new trading ranges; unfortunately for many of these companies that new trading range will likely not hit $100 per barrel for a long, long time (some may argue never again). Therefore, oil & gas companies must rid themselves of the cultural hesitancy to try new technologies and continue to open their minds and, yes, a growing share of their limited budgets to invest in new technologies such as machine learning, IIoT, and Big Data, among others. ARC believes that the ROI on such investments will prove it was money well spent.
If you are really serious about learning more (and perhaps sharing more) about how AI/machine learning can help your oil & gas operations, then we strongly encourage you to join our webinar on June 1st and hear from one of the machine learning experts at SparkCognition as he educates us on some of the common machine learning approaches used today and how machine learning and cognitive analytics can offer real value. Last but certainly not least will be the presentation from a Flowserve executive in which he will discuss how they received real benefits from cognitive analytics in their business. I really hope you can join us and please feel free to ask any questions you may have about how cognitive analytics and machine learning can help you operate more cost effectively in these margin compressed times.