Big Oil should do all it can to embrace fast-improving Artificial Intelligence (AI) in the energy industry, according to the United Arab Emirates' (UAE) first minister dedicated to fostering the technology.
Speaking at the ADIPEC oil summit in Abu Dhabi on Tuesday, Omar bin Sultan Al Olama, the UAE's minister of state for AI technology said: "Data is the new oil."
"Any company, any government that merges data and oil is going to get yields that we have never seen before. We are going to see lower costs, with profits that cannot be found elsewhere."
The oil and gas market represents around 50 percent of the world's energy demand at present, Al Olama said, before adding data, blockchain, AI, the internet of things and other emerging technologies would radically change the industry over the coming years.
He argued technological developments would soon make the energy sector more sustainable, as well as making it easier for executives to make better decisions on nearly every domain.
"The opportunities are endless — some estimates say AI can have a $2.85 billion contribution in the energy industry by 2022. That's a start, but the impact is going to be much bigger than that."