Emerging technologies including artificial intelligence, blockchain and Internet of Things are going to radically change the energy industry, says UAE Minister for AI Omar bin Sultan Al Olama.
“The opportunities are endless — some estimates say AI can have a $2.85 billion contribution in the energy industry by 2022. That’s a start, but the impact is going to be much bigger than that,” said Al Olama.
The UAE minister made his remarks in an interview with CNBC, underlining that he believes that “data is the new oil.”
“Any company, any government that merges data and oil is going to get yields that we have never seen before. We are going to see lower costs, with profits that cannot be found elsewhere.”
Al Olama further highlighted that technological developments would soon make the energy sector more sustainable, as well as making it easier for executives to make better decisions.
The minister then urged international and national oil companies take the significant steps to ensure they are capable of adapting to technological improvements, CNBC reported.
Andrew Smart, managing director of Accenture’s energy practice said at an industry event, ADIPEC, said, “Blending human and machine has been a more complex and difficult journey that many had envisaged. Naturally, we have hit a bit of a brick wall at times but this is still a journey well worth taking.”