2024 GETI insights: AI evolution in the oil, gas, and power sectors

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Oil and Gas Renewables and Power Technology GETI
Diyaa Mani

By Diyaa Mani
July 11, 2024

July 12, 2024

0 min read

As industries embrace AI-driven technologies, the demand for specific skills is shifting, and the nature of work is evolving.

In a recent webinar hosted by Airswift, industry experts Ian Langley, founder and chairman of Airswift, and Wenche Kjølås, Deep Ocean Group Holding AS & Borgeestad ASA, delved into the transformative impact of artificial intelligence (AI) on the oil, gas, and power sectors.

Their insights provided a comprehensive overview of how these industries evolve amidst technological advancements and shifting workforce dynamics.

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Workforce dynamics and transferable skills

It's crucial to blend domain expertise with AI proficiency to maximise its benefits

- Ian Langley -

The discussion addressed how organisations adapt their talent development strategies to integrate AI. Ian Langley emphasised that the oil and gas sector faces unique challenges due to its reliance on legacy infrastructure. Ian also pointed out that approximately 70% of the workforce in these sectors will need to undergo some form of upskilling or reskilling to stay relevant in the coming decade.

Wenche Kjølås added that while AI enhances data handling and problem-solving capabilities, there's a critical need to balance the experience of existing professionals with the enthusiasm of new entrants eager to utilise AI tools effectively. Wenche cited a study indicating that AI implementation can reduce operational costs by up to 15% while increasing system reliability by nearly 20%.

AI's evolution and impact

AI-driven insights are critical for optimising renewable energy generation and integrating diverse energy sources into the grid.
- Wenche Kjølås -

The conversation shifted to AI's rapid evolution within the energy sector. Both speakers highlighted how AI is revolutionising processes such as data collection and analysis in power generation.

Wenche emphasised AI's role in renewable energy, citing examples of AI optimising solar panel positioning for maximum efficiency and forecasting wind patterns to enhance turbine performance. She mentioned that AI could boost solar and wind energy efficiency by 10-15%, contributing significantly to renewable energy targets.

Ian discussed how AI revolutionises data analytics in oil and gas exploration and production. "AI algorithms analyse seismic data to identify potential drilling sites with higher accuracy," he pointed out. This reduces exploration costs and enhances resource extraction efficiency." AI-driven exploration can improve accuracy by 30% and reduce costs by up to 25%.

Challenges and risk factors

As AI becomes more pervasive, it's imperative to prioritise cybersecurity to safeguard operations and maintain trust.

- Ian Langley -

Addressing the challenges associated with AI integration, Ian and Wenche highlighted cybersecurity risks and the importance of ethical AI practices. Ian underscored the need for robust cybersecurity measures to protect sensitive data and AI systems from potential breaches. 

Wenche echoed these concerns, emphasising AI's ethical implications in decision-making processes. "Transparency and accountability," she stressed, "are crucial in ensuring AI algorithms adhere to ethical guidelines and regulatory standards."

They pointed out that the energy sector faces an estimated $1.3 billion in potential annual losses due to cybersecurity breaches, underlining the urgency of addressing these risks.

Global mobility and talent attraction

Cross-border mobility facilitates innovation and enables professionals to gain diverse experience in different markets.

- Ian Langley -

The webinar also explored global mobility trends and strategies for attracting talent in the AI-driven energy sector.  Wenche highlighted the role of remote work and digital collaboration tools in fostering global teamwork. "Remote capabilities," she explained, "enable seamless collaboration across geographies, promoting diversity and innovation."

She referenced a survey showing that 60% of energy sector professionals believe remote work will become a permanent aspect of their operations, enhancing global talent accessibility.

AI's transformative potential in evolving the energy sector

Ian Langley's and Wenche Kjølås' insights underscored AI's transformative potential in optimising operations, enhancing sustainability efforts, and fostering global collaboration. By investing in talent development, cybersecurity measures, and ethical AI practices, industry leaders can position themselves at the forefront of innovation, driving towards a more efficient, sustainable, and resilient future.

The webinar's discussion highlighted a pivotal moment for the energy sector, where AI is reshaping industry practices and fueling technological advancements. By embracing AI technologies and cultivating a skilled workforce, companies can navigate challenges and capitalise on opportunities, driving towards a future where AI is central to achieving energy sustainability and operational excellence.

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