Drilling for Data; #AI and #Oil and Gas Combine:
(NASDAQ: $NVDA) (TSXV: $MCLD.V) (OTCQB: $MCDLP) (NYSE: $ACN) (NYSE: $RDS-A)
Point Roberts, WA and Vancouver, BC – March 1, 2019
(Investorideas.com Newswire) 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/03011AI-Oil-Gas.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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