Can AI work in oil and gas without historical data?

Can AI work in oil and gas without historical data?

In some countries in the Middle East, the oil and gas (O&G) sector contributes as much as 90 per cent to gross domestic product (GDP). Despite the global push towards sustainability and renewable energy, oil is still an incredibly important part of the region’s economy. Yet despite this, the level of “disruption” and engagement with startups in this vast sector has been limited when compared to sectors like retail or food and beverage (F&B). 

This is mainly due to how heavily regulated the sector is, the high levels of sensitivity of industrial information coupled with increasing restrictions on data-sharing. This has all resulted in minimal room for entrepreneurs to engage in the oil and gas sector beyond developing cleantech solutions. 

But increasing pressures stemming from a global push towards sustainability and energy conversion, adopting and implementing advanced, AI-driven practices have become imperative to ensure a sustained and cost-effective oil production process.

According to a survey by IBM Institute for Business Value (IBV), 82 per cent of the oil and gas executives believe innovation will be “critical” to their organisations’ success in the next three years.

Several O&G producers have recently amped up investments in their digital foundation and are