Industry 4.0: 101 – A Simplified Guide to the Fourth Industrial Revolution and its Application in the Oil & Gas Industry
The fourth industrial revolution or Industry 4.0, is clouded today with technical jargon and confusing concepts. Concepts such as Artificial Intelligence (A.I.) and Machine Learning have attracted a lot of attention in recent time, where in fact, these concepts have been in-use and actively utilized for years in various industries around the world. More specifically, the oil and gas industry has been a significant venue for the deployment of such advanced technology applications. This presentation will provide a simplified overview and a more accurate definition of Industry 4.0, discussing best practices and adoption value, to reflect how the revolution has materialized in the Oil & Gas industry over the past decade. The presentation will cover some of the latest industry 4.0 concepts such as IOT, IIOT Big Data, Machine Learning and A.I. in full technical detail, before diving into industry best practices, and lessons learned. We’ll also explore the true definition of each of these terms and how they interact, as integration is the key element in developing successful technological solutions. The presentation discusses “Subject-Matter-Expert Machines”, an integrated technological approach that has yielded significant increase in optimization and efficiency, while reducing cost in the industry. Although, Industry 4.0 shows great promise evident in recent advances and various applications in oil and gas industry, challenges and gaps are still present and areas of high potential return are yet to be discovered.
AAPG Datapages/Search and Discovery Article #90333©2018 AAPG Middle East Region, Shale Gas Evolution Symposium, Manama, Bahrain, December 11-13, 2018