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
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
