Canvass AI Signs Leading Oil Refiner to Drive Process Optimization

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Canvass AI Signs Leading Oil Refiner to Drive Process Optimization

Oil & Gas Companies are turning to AI to Augment Talent at a Time When Industry is Experiencing Growing Labour Shortage and Greater Supply Side Demand

TORONTO – November 2, 2023 – Industrial AI leader Canvass AI today announced it has signed a definitive agreement with a leading oil refiner to implement Canvass AI’s software solutions covering more than 30 process-related refining use cases. With Canvass AI, the refiner stands to gain significantly, with the potential to save 30-40% of their engineering time and achieve a 10-30% enhancement in process optimization.

Humera Malik, CEO of Canvass AI, said, “In a time when our industry grapples with a critical labor shortage, Canvass AI emerges as the pivotal solution, utilizing AI to empower and scale a knowledge-based workforce. Our mission revolves around democratizing industrial AI, making it readily accessible to those who can leverage it to enhance operational excellence.”

Since its inception, Canvass AI has been focused on unlocking value by providing worker superpowers. That happens when AI is highly accessible and manageable, in other words, ‘humanized’. The software offers a user-centric approach, empowering customers to swiftly deploy industrial AI on a wide scale, allowing them to optimize manufacturing quality, and concurrently reduce energy and GHG emissions. The company works together with its customers and partners to surmount challenges and drive mutual success.

“We can’t make engineers quants, but we can give them ready-made solutions that can be easily used just like pulling traditional handyman tools from a tool chest,” added Malik. “Humanizing involves building confidence and trust. This means the technology needs to explain itself just like a fellow worker would do in undertaking problem analysis and corrective action.”

According to US government figures in 2022, there were roughly 100,000 fewer workers in the oil and gas industry than there were before the pandemic started two years ago, and tens of thousands continue to leave jobs in the sector.

Joe Perino, independent analyst, consultant, and advisor to the oil and gas industry said, “The oil and gas industry faces a critical challenge attracting and retaining skilled workers in a competitive and uncertain market. The pandemic, the energy transition, and the changing preferences of the workforce have all contributed to the labor shortage. AI can be a powerful ally in this situation, by augmenting human talent with data-driven insights, automation, and optimization. Furthermore, AI can solve problems that the traditional APC/RTO stack cannot do or handle well. AI both supplements and complements these approaches. Thus, AI can help the industry improve efficiency, safety, and sustainability, while also creating new opportunities for learning and development. AI is not a replacement for human workers, but a partner that can enhance their capabilities and performance.”

About Canvass AI

Canvass AI is a leading industrial AI software provider that puts industrial companies in control of their data, to make timely decisions, and achieve faster and sustainable outcomes. Some of the largest companies in the world use Canvass AI to empower their production teams for high-performance decision-making, to future-proof operations, and to drive net-zero targets. Backed by Alphabet, and Yamaha Motor Ventures, Canvass AI is a member of the World Economic Forum's Global Innovation Community, Next Generation Manufacturing Canada, and is recognized by CB Insights as one of the world's top 50 technology companies that is advancing manufacturing. Follow us on Twitter or LinkedIn.

Media and analyst contact:

shelly.sofer@canvass.io

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