AI leading to faster, cheaper oil production, executives say

AI took center stage in many sessions at the world's largest energy gathering. Oil producers are seeking ways to remain profitable in an environment of plummeting oil prices and worries that U.S. President Donald Trump's tariffs could slow global energy demand.
UK oil major BP is using AI to steer drill bits and predict potential problems in wells before they happen, said Ann Davies, BP's senior vice president of wells.

«We are able to drill more wells per year and have a better capital allocation,» she said.

BP announced last month it would boost annual spending on oil and gas production as part of a major strategy shift to improve investor confidence.

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AI has helped U.S. oil producer Devon Energy drill in areas where it was unfeasible before, said chief technology officer Trey Lowe in an interview.

For example, the company can gather information about a fault in a formation, then drill on the other side to avoid it, he said.
Chevron is using AI-powered drones that fly over its shale operations in Texas and Colorado to remotely monitor potential problems like emissions leaks and alert field workers.
In three months of testing drones through a partnership with autonomous drone company Percepto, Chevron reduced the amount of time that production was shut in for repairs or maintenance, said Russell Robinson, a deputy program manager of facilities and operations at Chevron, in an interview on the sidelines of the conference.

The drones helped workers spend less time criss-crossing the shale field