RUDN University economist and colleagues analyzed data from the largest oil and gas companies in Russia during the economic crises of 2020 and 2022 and proposed an algorithm that would increase the sustainability of the industry. The key factor here is Industry 4.0 technologies—artificial intelligence, Internet of things, Big data and others. The results were published in Resources Policy.
How can AI and big data enhance sustainability in oil and gas?
AI and big data can significantly enhance sustainability in oil and gas by automating data collection and analysis. This allows companies to generate comprehensive reports that improve corporate reporting and government oversight, ultimately leading to better decision-making and resilience during crises.
What were the impacts of the 2020 and 2022 crises on oil prices?
In 2020, the pandemic caused oil prices to drop by nearly 70% in the first three months. In 2022, despite expectations of a downturn, world energy prices increased, negatively impacting the oil and gas sector and highlighting the need for improved crisis management strategies.
What is the proposed algorithm for oil and gas companies?
The proposed algorithm consists of three key steps: first, automated data collection using the Internet of Things and Big Data; second, data analysis through artificial intelligence; and finally, generating comprehensive reports based on the analyzed data. This approach aims to enhance resilience and sustainability in the sector.
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