AI Technologies Usher in New Era of Efficiency and Sustainability for Oil Industry
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AI technologies are helping the oil industry produce more oil and gas at lower costs by optimizing drilling and fracking operations.
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These technologies have helped shorten drilling times by a day and fracking times by 3 days in US shale patches.
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According to Evercore, AI and other tech could reduce shale drilling costs by 25-50% this year.
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AI is also being used to track and reduce methane emissions to meet climate goals.
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AI and automation are attracting new talent to the industry by reducing the need for physically demanding oilfield work.