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Risk Management in the Oil and Gas Industry Related to the AI Tools
Abstract
The oil and gas industry is in a stage of intense focus on safety, preparing for better management of environmental risks and mitigating them. Given the policy of corporate social responsibility, technical and economic challenges, as well pressures in domain-specific regulations, it has become increasingly obvious that the management of these risks is essential for long-term sustainability of oil and gas companies. Research shows that safety and environmental issues, compliance with regulatory rules, price volatility, and rising challenges associated with access to oil and gas reserves and markets are the top risks identified by oil and gas industry executive directors. In this sense, the tools offered by artificial intelligence can contribute to the proper management of these risks and to the adequate monitoring of all the categories of processes that take place at the level of the optimized production generated by the gas wells, regarding the transport of petroleum products through the pipelines and especially with regard to offshore activities.
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