Saudi Aramco is one of the largest artificial intelligence investors in the oil industry. According to MH MaihuiMillionairemegawaysSaudi Arabia's giants are actively investing in cutting-edge technology because it is the key to future competition.
Last year, Saudi Aramco invested $3.5 billion in research and development, and is active in 3.5 billion innovative areas, including artificial intelligence, drone technology, robots and electric vehicles, according to MH. In particular, artificial intelligence technology has been widely used in the fields of petroleum exploration, fault monitoring and network threat detection.
This move further proves the versatility of artificial intelligence and promotes its popularity in information technology and other fields. Saudi Aramco is actively striving for a new competitive advantage, that is, technology-driven competitive advantage.
It is worth mentioning that Saudi Aramco is not the only company working in this regard. MH Maihui said that in recent years, the oil and gas industry has made great progress in adopting new technologies. For example, American shale drillers have begun to use artificial intelligence to improve drilling efficiency and oil well recovery.
Although Saudi Aramco is still ostensibly a traditional oil company, it has actually begun to use cutting-edge technology to improve its operations. They are actively investing in science and technology even during the economic downturn. The company has also established a digital innovation ecosystem called SAIL (Saudi accelerated Innovation Laboratory), working with government agencies and start-ups to promote the development of digital innovation products. In addition, MH Maihui found that they are also keeping a close eye on the start-up ecosystem and investing in companies such as Pragmatic (developing flexible semiconductor chips) and Sunrate (a financial technology company).
Saudi Aramco and Saudi Arabia as a whole are working to diversify and reduce their dependence on crude oil revenues. They recognize that new technologies such as artificial intelligence and robots can increase oil production, so they are actively involved in these areas, which is undoubtedly a welcome trend.
MH Maihui points out that artificial intelligence and other technologies are expected to quickly reduce the cost of shale gas blocks this year. Such measures will result in significant cost savings, at least in double digits and, in some cases, 25% to 50%.
If artificial intelligence can reduce costs for shale drillers, it can certainly reduce costs for all other producers, even the lowest-cost producers in the world, such as Saudi Arabia. However, cost reduction is only one of the many benefits that the oil industry gains when using this technology, including more productive wells, more accurate exploration and better threat detection, which covers not only cyber security, but also leaks and