Wealth Management

Total plans to use AI to reduce drilling costs

Shutterstock/Vytautas Kielaitis

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While oil prices have partly recovered from a slump that started in 2015, big oil companies are keeping a tight rein on costs amid fear that a production glut, geopolitical tensions or an economic slowdown may sap demand.

Sunday 21, April 2019

(Bloomberg) --Total plans to start a digital factory in the coming weeks to tap artificial intelligence in a bid to save hundreds of millions of dollars on exploration and production projects.

Arnaud Breuillac, the Head of E&P, said that the use of artificial intelligence (AI) to screen geological data will help identify new prospects, and shorten the time to acquire licences, drill and make discoveries.

Additionally, the use of will also help optimise the use of equipment and reduce maintenance costs.

Patrick Pouyanne, the Chief Executive Officer of Total, said, “The digital factory will employ between 200 and 300 engineers and build on successful North Sea pilot projects.”

“The use of digital factory will also be a way to attract young talent to the industry,” Pouyanne said.

A year ago, Total and Alphabet’s Google signed an agreement to jointly develop artificial intelligence solutions applied to subsurface data analysis. The partnership has been very successful, Breuillac said.

 

TAGS : Total , AI , exploration , Patrick Pouyanne

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