<p class="wp-block-paragraph">The
global market for Artificial Intelligence, AI- computational tools that
substitute for human intelligence in problem solving, is expected to hit about
$2.6 billion by year 2022.</p>



<p class="wp-block-paragraph">This
was disclosed by Dr. Folasade Yemi-Esan, Permanent Secretary, Federal Ministry
of Petroleum Resources and guest speaker at the 2019 Nigeria Annual
International Conference and Exhibition, NAICE, organized by the Nigeria
Council of the Society of Petroleum Engineers.</p>



<p class="wp-block-paragraph">The
conference with a theme “Artificial Intelligence, Big Data and Mobile
Technology; Changing the Future of the Energy Industry,” held at Eko Hotel with
hundreds of participants from different continents.</p>



<p class="wp-block-paragraph">According
to Esan, the time is ripe for the full deployment of AI in the operational modes
of the petroleum industry.</p>



<p class="wp-block-paragraph"> ;“The Artificial Intelligence market is
expected to hit $2.85 billion by 2022, growing by 12.6 % through data
technology. It has permeated into several sectors with positive output but
sadly, not much is being felt in oil and gas industry,” she stated, adding that
it “helps to make safer and accurate decisions.”</p>



<p class="wp-block-paragraph">Describing
the 2019 theme as “apt” given the imperative of the new technology to meet
digital economy, Esan disclosed that the President Muhammadu Buhari led Federal
Ministry of Petroleum is not losing sight of the objectives of AI, saying that
the administration is already committed to changing the “oil future” through
the instrumentality of AI’s key role in reservoir management and drilling.</p>



<p class="wp-block-paragraph">“Government
is pushing in that direction. This pursuit is backed by transparent policy. We
are working with Organization of Petroleum Exporting Countries, OPEC  ;on data for authenticity including the
Department of Petroleum Resources, DPR and National Bureau of Statistics, NBS.”</p>



<p class="wp-block-paragraph">She
however, lamented the apparent lack of accurate data in the petroleum industry
network, saying “data has intrinsic value but it has to be discovered. How true
and reliable is our data? SPE should proffer the answer.”</p>



<p class="wp-block-paragraph">To
bridge the gap, Esan submitted that  ;training and other forms of capacity building
are key and must therefore, be given a priority even as she admonished players
in the sector to partner with the federal government in addressing the
dwindling gains in the oil and gas business. </p>

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