AI for Oil & Gas: Why AI is Critical for Operational Excellence
Updated: Dec 7, 2018
Linear Programs, Advanced Process Control and Process Simulation are some of the many tools that are enabling process optimization in a refinery today. What’s lacking, however, is access to the right information at the right time in order for workers to make more proactive decisions, improving productivity, reducing costs and safety risks. In fact, better information has the potential to unlock an additional $40 billion in value within the industry's downstream sector[i].
Using AI to Unlock Massive Value in Process Optimization
Artificial Intelligence (AI) is quickly changing how vast amounts of operational data can be harnessed to provide operators with granular, predictive views into their operations. With AI, operators can make more informed data-driven decisions that optimize complex processes for yield, efficiency and improving reliability – and to also recommend the most profitable operating settings for a plant. Additionally, AI can adjust those recommendations as the plant’s charge rate, feed properties or mode of operation changes. It can also calculate important inferred properties that may be infrequently taken or missing from a refinery’s sample schedule and input those properties into other optimization tools.
Adoption Barriers: There’s No Such Thing as Perfect Data
With so many opportunities for using AI to improve process optimization, it’s easy to become overwhelmed with where to get started.
One of the most common barriers we see for companies looking to adopt AI at scale is around standardization (or lack thereof) of operational data.
Industrial companies are often reluctant about kicking off any data-related project and instead focus months, if not years, trying to organize data streams to a “T.” The problem with this approach is that data is being produced at a faster rate than it can be organized, which means companies will almost never be able to get ahead of the standardization curve.
Getting Started with AI: Start Small and Learn Fast
With Canvass, Industrial companies start small and start fast. The Canvass AI platform was designed with simplicity, speed, and scale in mind. Our AI-powered analytics platform gives customers the ability to launch their AI initiatives and discover ROI within 30 days, enabling operators to kick start their AI projects, derive findings and optimize their processes within days of deployment. As a result, operational teams are empowered with AI-based data driven insights that have the potential to massively impact process optimization, energy efficiency, uptime and earnings.
But don’t just take our word for it.
Contact us today and see how Canvass AI Platform can not only help to optimize your processes but accelerate your digital journey.
[i]Digital Transformation Initiative, Oil and Gas Industry”, World Economic Forum, 2017 http://reports.weforum.org/digital-transformation/wp-content/blogs.dir/94/mp/files/pages/files/dti-oil-and-gas-industry-white-paper.pdf