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The Oil and Gas Industry
The cloud, artificial intelligence, and 5G technology are already redefining the oil and gas industry; Huawei leads the intelligent transformation of this sector
The Huawei 2020 Virtual Oil and Gas Summit were held online today with great success, dedicated to discussing the ‘transformation of data into barrels.’ The summit brought together international clients, industry partners, and thought leaders. Members from the Abu Dhabi National Oil Company (ADNOC), Schlumberger SIS, and the French giant TOTAL’s former chief information officer share their experiences. To help oil and gas companies increase their profits while reducing costs and generating added value through digital transformation. They also delved into vital suggestions for the industry to overcome challenges at this particular time, adapting to the new normal of the pandemic and after the pandemic.
The oil and gas industry faces turbulent times: Huawei is in a position to help
At the beginning of 2020, because of the world economy’s contraction amid the spread of COVID-19, international oil prices fell to $ 30 a barrel. In an unprecedented event in May, crude oil futures prices quoted by West Texas Intermediate (WTI) were even hostile. Indeed, the oil and gas industry is entering a challenging period and is undergoing significant changes unmatched in more than a century.
Huawei has endeavored to help customers in the oil and gas industry meet today’s challenges. David Sun, vice president of Huawei’s Corporate Business and director of the International Energy Companies Department, noted that Huawei has partnered with clients in the sector in the last decade. Together, they have seen oil prices reach $ 120 per barrel. Still, they have also seen them drop to $ 30 a barrel. In all that time, Huawei’s role has changed and has reached new horizons thanks to oil and gas companies’ support and help. Huawei has come a long way, from a mere distributor of switches, routers, and network devices. It is now a comprehensive partner providing digital transformation solutions with partners and customers.
Using elastic computing, big data analytics, AI, and cloud data centers, Huawei has already helped its customers in the oil and gas industry achieve digital transformation, encourage smart fields, and increase oil and gas reserves.
Huawei designed and created an AI computing platform for an industry customer to launch AI training and big data analytics in collaboration with its partners. In turn, it has contributed to increased reserves of both oil and gas and production. Undoubtedly, implementing solutions in various scenarios, such as artificial pumping failure diagnoses, well logging and reservoir identification, and the identification of first-arrival seismic waves, extracting a significant value from previously wasted data or considered ‘useless.’
In the words of ADNOC’s Dr. Mohamed Akoum, in times of change for industries worldwide, ADNOC remains at the forefront of innovation and advanced technologies integrated throughout its value chain to optimize performance, drive profitability and build resilience.