The
oil & gas industry continues to be a hotbed of patent innovation. Activity
is driven by government regulations, the need to decrease costs and increase safety,
and digitalization, and growing importance of technologies such as artificial
intelligence (AI), Internet of Things (IoT), big data, and robotics. In the
last three years alone, there have been over 523,000 patents filed and granted
in the oil & gas industry, according to GlobalData’s report on Artificial
intelligence in oil & gas: oil exploration AI. Buy the report here.
According
to GlobalData’s Technology Foresights, which uses over 196,000 patents to
analyze innovation intensity for the oil & gas industry, there are 60+
innovation areas that will shape the future of the industry.
Oil
exploration AI is a key innovation area in artificial intelligence
Oil
exploration AI refers to the application of AI techniques and technologies in
the field of oil and gas exploration. It involves utilizing advanced algorithms
and machine learning (ML) to analyze geological, geophysical, and seismic data
to predict potential oil and gas reservoirs, optimize drilling locations, and
enhance decision-making processes throughout the exploration and drilling
phases.
GlobalData’s
analysis also uncovers the companies at the forefront of each innovation area
and assesses the potential reach and impact of their patenting activity across
different applications and geographies. According to GlobalData, there are 40
companies, spanning technology vendors, established oil & gas companies,
and up-and-coming start-ups engaged in the development and application of oil
exploration AI.
‘Application
diversity’ measures the number of applications identified for each patent. It
broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic
reach’ refers to the number of countries each patent is registered in. It
reflects the breadth of geographic application intended, ranging from ‘global’
to ‘local’.
Halliburton
is one of the leading patent filers in oil exploration AI. The company’s
DS365.ai.software helps to improve underground, drilling and production
workflows through AI and ML. The company entered an agreement with the Saudi
Data and Artificial Intelligence Authority (SDAIA) in 2022 to develop solutions
using the DS365.ai.software. It also offers the LOGIX Autonomous Drilling
Platform that uses AI and ML to redevelop declining brownfield oil wells. Some
of the other key patent filers in the oil exploration AI space include
Schlumbergerand Saudi Arabian Oil.
In
terms of application diversity, Koch Industries leads the pack, while SK
Innovation and Quantico Energy Solutions stood in the second and third positions,
respectively. By means of geographic reach BP held the top position, followed
by DataInfoCom USA and Equinor.
Oil
exploration AI has the potential to emerge as one of the key tools for more
targeted exploration of oil and gas by increasing efficiency and safety,
reducing costs, and optimizing operations. It helps to transform massive
amounts of data produced by oil & gas companies during their exploration
and production (E&P) operations into actionable insights.
To
further understand the key themes and technologies disrupting the oil & gas
industry, access GlobalData’s latest thematic research report on Artificial
Intelligence (AI) in Oil and Gas.