Oil & Gas 4.0 and Artificial Intelligence
The Bahrain Economic Vision 2030, which was launched in October 2008 by His Majesty King Hamad bin Isa Al Khalifa, is a comprehensive economic vision for Bahrain, providing a clear direction for the continued development of the Kingdom’s economy. The guiding principles of the vision are sustainability, competitiveness, and fairness. In the competitiveness principle, the vision highlights: “Bahrain will use its resources to invest in the future, (…), particularly in the field of applied sciences, (…) innovation will ensure the sustainability of a vibrant private sector.”
In October 2019, in a speech at the at the opening of the second session of the fifth Legislative Term of the Shura and Representatives councils, His Majesty the King directed the government to work on the development of a digital economy and Artificial Intelligence (AI). As a result, the Government of the Kingdom of Bahrain held a workshop with the World Economic Forum on how to build a global framework for AI solutions procurement.
In light of this, and in line with the Strategic Plan of the Fourth Industrial Revolution for the Oil and Gas Sector set by the National Oil and Gas Authority (NOGA) in the Kingdom of Bahrain, Tatweer Petroleum has signed a memorandum of understanding with the University of Bahrain in 2018, marking the inauguration of a strategic partnership between the two organizations, especially in the area of AI. Tatweer Petroleum has also run a number of AI pilots in 2019, and the results were published in research papers at the MEOS 2019 International Conference:
- Beam Pump Dynamometer Card Classification Using Machine Learning
- Detecting Emulsion Using Surface Temperature, Pressure, and the Application of AI
In the wake of the fourth industrial revolution, governments and businesses across the Middle East are beginning to realize the global shift towards AI and advanced technologies. PWC estimates that the Middle East is expected to accrue 2% of the total global benefits of AI in 2030. This is equivalent to US$320 billion.
Tatweer Petroleum will continue to invest in the fields of Artificial Intelligence (AI), Data Science, Digital Transformation, Cloud, Big Data, Internet of Things (IoT), Robotic Process Automation (RPA), and other emerging technologies that transform the entire E&P operations to leverage the latest digital efficiencies.