AI can create value in refining
Industrial AI and our energy future
The energy industry has lagged in adopting AI, but industrial AI could create value through predictive maintenance and optimisation
The success of energy companies is becoming more complex, with the dual challenge of supplying the world’s growing demand while achieving the planet’s need for increased sustainability. Digital technology, particularly AI, is becoming crucial to navigating this complexity and the marketplace’s volatility. 22pc of respondents in a 2020 survey from consulting firm McKinsey report at least 5pc of earnings before interest and taxes (Ebit) attributable to AI. In the manufacturing (process and discrete) sector, 15pc of the AI use cases are in the areas of energy and yield optimisation, and another 12pc in predictive maintenance. But almost every analysis shows that the energy industry is a laggard
Also in this section
19 December 2024
Deepwater Development Conference welcomes Shell’s deepwater development manager to advisory board for March 2025 event
19 December 2024
The government must take the opportunity to harness the sector’s immense potential to support the long-term development of the UK’s low-carbon sector
18 December 2024
The energy transition will not succeed without a reliable baseload, but the world risks a shortfall unless more money goes into gas
18 December 2024
The December/January issue of Petroleum Economist is out now!
