2020’s Oil & Gas Trends with a Peek into What Lies in Store for the Sector in 2021

Originally Posted: 13 December 2020 & 4 January 2021
Author: Matthew V. Veazey for RIGZONE
Los Angeles, CA
RIGZONE recently featured our own Michael Krause, Data Scientist, in not one but two articles on the news portion of their company website.
What Were the Top Oil and Gas Trends in 2020? Is a feature that was published on the final day of 2020 in which RIGZONE sought the insights of “informed industry-watchers” regarding their considerations on the topic of recapping the sector’s year. Michael’s observations were highlighted among top 5 trends with a focus on the pandemic’s impact on accelerating the adoption of Cognitive AI and other advanced digital transformation solutions in upstream oil and gas.
“COVID-19 jump-started the long-awaited digital transformation and AI adoption in many upstream oil and gas organizations. Many domain experts, engineers and operators have had to learn new skill sets and built trust in AI and other modern technologies in a very short period of time.”
What Looms for Oil and Gas in 2021? Is a follow-up feature that was published in the first week of the new year in which RIGZONE built on the previous article’s focus and took a closer look into the insights of “informed market-watchers” regarding their considerations on what is to come for the industry. Michael’s observations were selected once again and highlighted among top 5 trends with a focus on the shifting roles of oil and gas domain experts as AI technologies help to supplement some of the traditional aspects of those jobs.
“So far, AI has had the biggest impact on the industry through data cleanup and analysis – the critical next step will be using advanced AI to figure out what all that data means and the reasoning around the meaning of the results, and oil and gas companies will increasingly try to recruit to meet those needs accordingly. This will help domain experts like geoscientists free up their time from tedious analysis work to better leverage their expertise to understand the reasoning behind the results and interpret that to solve larger, more complex industry challenges.”