Information extraction in oil & gas

Using AI to Find Oil

Oil and gas companies face many of the same challenges as large banks and established insurance firms when it comes to searching through their backlogs of documents. They want to use the data stored within these documents to make decisions on where to drill and determine whether or not they’re in compliance with laws and regulations.

The difficulty comes in that many of these documents are stored in physical formats: paper, physical maps, tapes. Oil and gas companies are very used to working with these physical formats, and this poses some challenges when it comes to integrating modern technology into workflows. Predictive analytics applications and similar AI solutions require large volumes of organized digital data in order to generate insights and drive value for oil and gas companies.

"Predictive maintenance applications promise to alert personnel working on oil rigs and oil refineries when a machine or piece of equipment is in need of repair."

For example, there are a number of AI vendors offering predictive maintenance applications to oil and gas companies specifically. These applications promise to alert personnel working on oil rigs and oil refineries when a machine or piece of equipment is in need of repair. In doing so, repair crews can fix the machine or equipment before it breaks down and results in a significant drop in production or a serious injury that could cost the oil and gas company millions in legal fees and fines, as well as a sharp hit to their reputation.

Oil and gas companies will spend a lot more time on the initial setup of predictive maintenance applications if they’re storing notes on machine and equipment damage, downtimes, and repair frequency in the form of physical notes that maintenance crews might keep in their desks on site.

Artificial intelligence can increase efficiency in a wide array of business processes spanning across many different sectors. AI uses digitized paper documents to create a searchable digital database that is easily accessible throughout an entire enterprise and allows you to search through these databases and extract valuable information from them.

Oil and gas companies face many challenges when it comes to searching through their backlogs of documents. They want to use the data stored within these documents to make decisions on where to drill and determine whether or not they’re in compliance with laws and regulations.

In this whitepaper, Emerj Artificial Intelligence speaks with Iron Mountain’s director of product management, Anke Conzelmann, about these AI applications and their significance in oil & gas.