With artificial intelligence making a considerable impact on numerous sectors today, more North Sea plates are anticipated to start deploying digital innovations.
Recently, the Head of Natural Resources at BDO, a natural resources advisory firm, hinted this move in an announcement that followed Shell’s commitment to the North Sea. The energy giant cited that it looks forward to being in the area for an extra 50 years during its celebrations for being part of the North Sea production for five decades.
Louise Sayers acknowledged the news and urged players in the North Sea to adopt digital innovation.
In fact, she expects them to deploy machine learning and artificial intelligence technologies moving forward. Sayers also said that gas and oil companies were ruthlessly forced to cut their costs and hone their investment filters in a bid to survive the oil price drop experienced back in 2014.
As such, she emphasized that the drive for efficiency has to now be channeled to innovation in an effort of ensuring that future productivity goals for longer-term sustainability of the industry are met appropriately.
According to Sayers, now is the time for energy giants to leverage the advantages of digital innovation. She went on to say that the use of machine learning AI and big data are impacting other sectors. Even so, Sayers said that in this regard Shell would lead the pack.
BDO anticipates that more companies in the sector would deploy AI in managing drilling as well as the eradication of expensive human mistakes. The natural resources advisory firm also expects technology to play a considerable function as the United Kingdom prepares for drastic impact of decommissioning.
According to Sayers, one of the main obstacles facing the North Sea oil and gas industry would be decommissioning, particularly in the second half of the century. She added that even though North Sea decommissioning is yet to take place on a large scale, the impact will be intense.