(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 15th November, 2018 (WAM) -- Artificial Intelligence, Big Data and the Blockchain are shaping Oil and Gas 4.0, which Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, believes will make the oil and gas sector more efficient, more productive and create greater value.
"At the core of Oil and Gas 4.0 is a basic truth," Dr Al Jaber said. "While advances in technology are impacting every industry, it is time to really focus on how it can evolve the oil and gas industry. The oil and gas industry must think differently, embrace disruption and step out of its comfort zone.
"At ADNOC, we believe Artificial Intelligence, Big Data and the Blockchain will enhance our operational efficiency, maximize our performance, drive our profitability and empower our people. Meanwhile, predictive analytics will significantly reduce our operational costs.
"Our ambition is to extend technology's power across our entire value chain from drilling platforms to trading platforms."
In an opinion piece, published in The National newspaper, Dr. Al Jaber said ADNOC will embed innovation and advanced technologies into every part of its operations to help meet the predicted growth in energy demand in the future.
"Oil and Gas 4.0 is where our industry meets the 4th Industrial Revolution, an era where digital innovation will catalyse economic progress and drive demand for everything that depends on the hydrocarbon molecule from power, to fuel and the countless products that enable modern life," Dr Al Jaber said.
"We are at the beginning stages of an exciting chapter in the history of our industry. By embracing Oil and Gas 4.0 and opening up ourselves to the benefits of technology, we will transform our business, benefit our people and enable the next phase of global development."
According to Daniel Yergin, the eminent energy expert and economic historian who has authored two seminal books about the oil and gas sector, The Quest and The Prize the latter winning him a Pulitzer Prize - the push towards incorporating digital tools to improve efficiencies to lower costs and expand production capabilities has triggered Oil and Gas 4.0.
"The industry has continually gone through periods of technology changing the business and developing new skills and capabilities, both internally and drawing on the wider benefits of technology and I think we are in one of those periods," he wrote in The National.
ADNOC, he added, is at the forefront of national oil companies in proactively embracing the opportunities created by Oil and Gas 4.0 to enhance its performance and create greater value for its shareholder.
World-renowned economist Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, explains in his book titled 'The Fourth Industrial Revolution' that "we have an opportunity to shape the 4th Industrial Revolution, which will fundamentally alter how we live and work."
He wrote: "Artificial intelligence is already all around us, from supercomputers, drones and virtual assistants to 3D printing, DNA sequencing, smart thermostats, wear able sensors and microchips smaller than a grain of sand. But this is just the beginning: nanomaterials 200 times stronger than steel and a million times thinner than a strand of hair and the first transplant of a 3D printed liver are already in development."
The Fourth Industrial Revolution, says Schwab, is more significant, and its ramifications more profound, than in any prior period of human history.
WAM/ Ibrahim Shukralla
WAM/MOHD AAMIR
MENAFN1511201800610000ID1097702611
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.