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A new report has highlighted all the different ways artificial intelligence is revolutionizing the oil industry<\/p>\n
For offshore drillers like Nabors Industry Ltd, artificial intelligence (AI)<\/a> is transformative. AI from Houston-based software developers Corva LLC is able to autonomously control a drilling rig, which helps to increase drilling speed by at least 30% while also significantly reducing the volume of commands needed to operate the rig.\u00a0\u00a0<\/span><\/p>\n \u201cThis is all automated \u2014 the driller doesn\u2019t have to press anything,\u201d Rafael Guedes, the company\u2019s director of performance tools, told Bloomberg<\/a>. \u201cNow you can use your brain power for something else.\u201d <\/span><\/p>\n According to the outlet, companies like Nabors Industries Ltd, which are utilizing AI in order to become more efficient, save between 25 and 50% on costs.<\/span><\/p>\n Bloomberg report that AI is also being tested in offshore oil fields, with companies like SLB reporting significant time savings. Jesus Lamas, president of SLB\u2019s well construction unit, told Bloomberg that in the next 3-5 years, all their wells will be autonomously controlled by AI.\u201cWe need to do something different,\u201d Lamas said. \u201cWe need to lower the cost of a barrel, we need to increase efficiency and we need to decrease the CO2 emissions per barrel.\u201d<\/span><\/p>\n \u00a0Another company that spoke to Bloomberg is Hilcorp Energy Co, a private oil and gas producer based in the US. Machine learning<\/a> is utilized at this company by predicting equipment failures before they happen, which in turn prevents company downtime. The company estimates that it can prevent approximately half a billion cubic feet of gas production from going off the line by using machine learning to predict equipment failures.<\/span><\/p>\n \u201cWe always want to be a lean operator,\u201d Lisa Helper, a geologist, said at a company conference quoted by Bloomberg. \u201cUtilizing AI and machine learning in the field, in the office, then eventually through subsurface analysis has enabled us to keep a very tight, optimal workforce.\u201d<\/span><\/p>\n\u2018A lean operator\u2019<\/span><\/h2>\n