Investment in AI, big data and analytics could cut capital expenditure by 20 percent and add $300 billion a year to offshore cash flows by 2025
Digital innovation to drive unprecedented era of oil and gas productivity as global energy demand continues to rise
ADIPEC 2019 to bring together industry thought leaders to explore the nexus between break though technologies and energy
Abu Dhabi, UAE – 23 July 2019 – Digital transformation of the oil and gas industry in the Middle East and North Africa continues to be fast tracked, as energy companies across the region ramp up investment in technologies supporting faster and leaner exploration and production and optimisation of costs.
In the past five years the MENA region has seen a tight focus on cost reduction, as oil and gas companies have responded to changes in the energy market, with much of the industry's research and development spend focused on technologies to enhance the efficiency of new and existing projects.
According to management consultants McKinsey, effective use of digital technologies, such as cloud, the Internet of Things (IoT), mobility, artificial intelligence (AI), virtual reality (VR), big data and analytics could cut capital expenditure by up to 20 percent. At the same time, it forecasts that total cash flows will improve by $11 per barrel across the offshore oil and gas value chain, adding $300 billion a year by 2025.
In a recent announcement made by the organisers of the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, dmg events. Greg Cross, Artificial Intelligence Pioneer, Serial Entrepreneur, Co-Founder and Chief Business Officer of Soul Machines was confirmed to headline the event as a keynote speaker at Oil & Gas 4.0, the Strategic Conference at ADIPEC.
“Accepting change, understanding the unknown, can always be a challenge. In today's fast-paced digital world, artificial intelligence is enhancing the business environment, helping corporations to become more efficient and connected.
Digital Humans change how we interact with customers and can facilitate everyday assignments in a more productive and cost-effective manner. At Oil & Gas 4.0, I will be discussing how digital humans can become an integral part of the workforce, and the ethics, liability and governance behind today's digital society.” Cross said.
Oil & Gas 4.0, the strategic conference at ADIPEC 2019 will feature conference sessions that will explore the nexus of technology and energy, including the links between digital transformation, people and partnerships, that are enabling change and creating the basis to build the oil and gas companies of the future. Meanwhile the ADIPEC exhibition will host the ADIPEC Digitalisation Zone, a dedicated area that will provide a platform for companies at the forefront of today's technology trends and the industry's journey of digital transformation.
Since its inauguration in 1984, ADIPEC has continued to grow, gaining worldwide recognition as the premier oil and gas industry exhibition and conference. The exhibition brings together over 2,200 international exhibiting companies across 155,000 gross square metres, with 29 country pavilions, attracting over 145,000 global attendees and 42 National and International Oil Companies. The conference hosts over 980 strategic and technical speakers across more than 160 sessions, covering the full energy value chain and attracting over 10,400 delegates.