Updated: Mar 17, 2021
For a sector that’s been hit hard by one of the longest recessions in recent times, owing to low commodity prices, increased consumer focus on sustainable technologies and a lack of progress on tidewater access for its products, Canada’s oil and gas industry has been slow to adopt many of the transformative technological innovations that other sectors have embraced.
Amid all the pressures oil and gas companies face in Canada, why have executives not been more eager to explore how digital advances in artificial intelligence and machine learning (AI/ML) could revolutionize their businesses and help them dig out from under the paralyzing burdens they’re under?
I’m delighted to share with you the new EY report, AI in oil and gas: Extracting collective value by humanizing data. We explore the underlying reasons for this reticence to modernize, and the great potential of AI/ML in a sector that has traditionally relied purely on human talent to build and grow the business.
In this report, we examine what AI/ML is and why it’s important in the transformative age, as well as the myriad ways it could be applied in Canada’s oil and gas sector — from talent recruitment and management, cost allocations and capital planning capabilities, to well data analysis, equipment maintenance, environmental, health and safety, and inventory management in the field.
Whatever the future holds for the sector in Canada and globally, EY’s analysis finds that oil and gas companies can not only survive but thrive if they capitalize on AI/ML and similar innovations that have transformed other sectors in which leading companies have embraced the digital revolution.