Computational Analogies of Machine Learning concept in the Oil and Gas Industry and its Transformation in the Industry 4.0 Era

Abstract

The fourth Industrial Revolution, commonly known as Industry 4.0 is enabling Oil and Gas industry to transform its business process and operations and adopt digital technologies to drive innovation, enhance production and operate more efficiently. The oil and Gas industry is enhancing Knowledge Management with advancement in digital technologies such as big data analytics, and artificial intelligence to transform vast information gathered historically stored in documents and systems as well as subject matter expert experience into digital knowledge to establish advisory systems to support decisions in the Oil and Gas operations. In organizations, knowledge has become an important success element and so is the case with the oil and gas industry, which is one of the most important sectors in energy. It must be dealt with and leveraged efficiently and effectively for competing in the world market by the creation of a competitive and sustainable environment in organizations. Oil exploration is a knowledge-intensive process in which effective operations and commercial success may be accomplished by identifying and evaluating possibilities early on and making knowledge-based choices. To be productive and competitive, the oil and gas industry must embrace knowledge management processes, where professionals may play a key role in managing information to easily address issues. However, the capacity to handle knowledge cannot be instilled in a single day; it is a culture that has been created over time via specialists and their expertise. The oil and gas sector has undergone significant changes throughout the years, affecting all of its sections, including exploration, production, and refining, and has got significant implications for marketing plans, production strategies, and R&D strategies. Only efficient knowledge management strategies with the aid of big data can encompass knowledge generation, information exchange, transformation, and dissemination of information in present times. The emergence of Generative Artificial Intelligence Chatbot such as ChatGPT is transforming the way knowledge has been managed traditionally. Applying the right strategies to enhance knowledge management is vital for the Oil industry to extract, develop, maintain, preserve and disseminate knowledge for effective operations. This paper introduces and discusses the developments in knowledge management, and explores the interrelationship between AI/ML, big data, and knowledge management in the oil and gas industry.