CERAWeek: use of AI will lead to faster and cheaper oil production

Artificial intelligence (AI) is speeding up the drilling pace in oil and gas, prompting firms to take a new look at sites that were once regarded as too challenging and expensive to develop. This was reported by industry executives at the CERAWeek conference in Houston.

Oil producers are searching for ways to be in pocket amid a sharp drop in energy prices. Organizations worry about a slowdown in global demand for fuel due to the US administration's tariffs on imports from the country's top trading partners.

According to Reuters, UK oil company BP is using AI to control drill bits and predict problems employees may face during their work. 

With the help of AI, Devon Energy can now gather information about the possibility of faults in formations. This fact allows avoiding emergencies in the fields, the agency notes.

Meanwhile, Chevron uses drones equipped with artificial intelligence for routine inspections of shale deposits. Drones are also used to monitor oil rigs.