by Analytics Insight
January 30, 2022
OPEC is deploying AI for increased oil production facilities and productivity
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization of oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries. OPEC seeks to ensure the stabilization of oil prices in the international oil markets, with a view to eliminating harmful and unnecessary fluctuations, due regard being given at all times to the interests of oil-producing nations and to the necessity of securing a steady income for them. Equally important is OPEC’s role in securing an efficient, economic and regular supply of petroleum to consuming nations and a fair return on capital to those investing in the petroleum industry.
OPEC was founded on September 14, 1960, the result of a meeting that took place in the Iraqi capital of Baghdad, attended by the five Founder Members of the Organization: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Once the original agreement for establishing OPEC was signed, it was registered with the United Nations Secretariat on November 6, 1962, following UN Resolution No. 6363.
OPEC is deploying AI in many ways, which will assist them in discovering new oil & gas projections and enhance production from existing infrastructures. The offshore oil & gas businesses use AI in data science to make the complex data used for oil & gas exploration and production more reachable. This allows companies to discover new exploration prospects and enable better usage of existing infrastructures. AI is proving to be a real enabler for oil & gas projects offering multiple applications. These include production optimization with computer vision to analyze seismic and subsurface data faster, reducing downtime for predictive maintenance of equipment, reservoir understanding and modeling for predicting oil corrosion risks to reduce maintenance costs.
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