Beyond Limits, a pioneer in industrial and enterprise-grade artificial intelligence (AI), is showcasing technology solutions that can help the oil and gas industry to become more efficient and improve sustainability at ADIPEC 2021.
The company, which leverages a significant portfolio of advanced technology developed for NASA space missions, participates at ADIPEC for the first time ever, exhibiting its Cognitive AI solutions that can help the energy sector to tackle some of the biggest challenges it faces today. Beyond Limit’s Cognitive AI solutions combine historical and real-time data with embedded human knowledge and human-like reasoning, to help companies to make better-informed decisions in upstream and downstream scenarios.
AI and data analytics are already finding increasing adoption in the oil and gas sector, with AI solutions helping companies to become more sustainable, by maximizing the use of resources, minimizing wastage and enhancing operations.
Recent studies by NVIDIA and Beyond Limits, found that high-performance AI frameworks powered by GPUs can improve profitability by over 13% in oil field planning scenarios, compared to traditional methods while also reducing the number of injector wells drilled by 58%. The drastic reduction of injector wells reduces drilling costs by up to $5-10 million per well while also minimizing environmental hazards of drilling, including groundwater seepage and damage to geological stratifications. Better extraction methods also reduce the need for potentially dangerous oil recovery mechanisms and fracking.
Cognitive AI-powered solutions are supporting the longevity of wells so that exploration companies can get the best possible rate of extraction and ensure resources are utilized to their fullest extent. In downstream, Cognitive AI solutions combined with IoT sensors are able to monitor dynamic refinery conditions and unplanned events in real time, or even predict issues such as equipment breakdowns.
Some Cognitive AI solutions have optimized refineries in a short space of time, with up to 17% improvement in operating to plan.
“Advanced solutions powered by Cognitive AI technology are already addressing some of the biggest challenges facing the oil and gas sector now and in future. AI can be applied to many different areas of operations, such as exploration, oil field planning, compliance with environmental regulations, preventative maintenance and more. Beyond Limits is providing the solutions to our customers that are improving their efficiency and sustainability in the real world,” said Ken Habson, General Manager EMEA at Beyond Limits.”
Beyond Limits recently partnered with Group 42 (G42), the Abu Dhabi-based Artificial Intelligence and Cloud Computing company, where the latter led a milestone funding round to boost Beyond Limits’ scale and reach in the Middle East and other markets, and to explore synergies between the two companies in applying advanced AI solutions.
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