Get ready, oil business. Here comes the AI

Mar. 28—Artificial intelligence was the center of attention at the recent CERAWeek energy conference in Houston, and the Texas Oil & Gas and Texas Independent Producers & Royalty Owners associations say AI will only become largest in the oil and natural gas industry.

“The clear and consistent message from many of our industry’s top leaders at CERAWeek was that while there is a strong commitment to a lower emissions profile, oil and Gas will continue to play a dominant role in meeting energy needs for decades to come. “, said TXOGA President Todd Staples. “Executives from different industries also commented on how artificial intelligence has been and will likely continue to be used across all industry sectors.

CERA stands for Cambridge Energy Research Associates.

“In fact, a Microsoft executive noted that AI has the potential, more than the adoption of the Internet, a personal computer or a smartphone, to fundamentally change the way we live our lives daily.”

Staples said from Austin that AI and data centers will require significant sources of power generation.

“For Texas to continue to grow and prosper, our infrastructure must expand and we will need more transportation and generation to meet growing demand,” he said.

TIPRO President Ed Longanecker said professional services partnership Ernst & Young Global in London, England, reports that 92% of oil and gas companies are investing in AI or considering doing so in the next five years.

“Used to optimize exploration and drilling while streamlining production and logistics, the industry reports seeing advances in efficiency, safety and sustainability using AI,” Longanecker said from Austin . “According to Mark Mills, senior fellow at the Texas Public Policy Foundation, every billion dollars of cars sold generates $100 million in fuel per year, every billion dollars of airplanes, $200 million, and every billion dollars of AI: $800 million in…

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