Digital transformation of the oil and gas industry in the Middle East and North Africa (MENA) 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
Over the past five years, the MENA region has seen a tight focus on cost reduction. The oil and gas companies have responded to changes in the energy market, with much of the industry’s research and development expenditure 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 per cent.
At the same time, it forecasts that total cash flows will improve by US$11 per bbl across the offshore oil and gas value chain, adding US$300bn 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 daily assignments more productively and cost-effectively. 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 the 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.
