Name: Oxy CEO: 'If you're not using AI you're missing an opportunity'
Uploaded: 2022-05-12
Duration: 4 min 31 s
Description: CEO Vicki Hollub tells how AI is growing the oil company's business

CEO Vicki Hollub tells how AI is growing the oil company's business

Oxy CEO: "If you're not using AI you're missing an opportunity"

Leadership

Oxy CEO: "If you're not using AI you're" missing out

Vicki Occidental petroleum invested early on in artificial intelligence technology. Tell us why, what was the attraction. What we realized is that the only gas industry has so much data that we weren't really using for for all that we knew that we could do with it. So we formed a data analytics group and started expanding our use of of that. And we started with trying to help us with our oil and gas production in the, in the field operations and then expanded that to the other things that we're doing. Talk about the data side because the oil and gas business is very data rich. How has A I technology helped you to add value to all that data that wasn't possible before you had a I technology well without A I technology, we would have never been able to develop the subsurface models that we have today, There's a lot of information that we can gain from every way that we touch the subsurface when we're drilling the wells where we're producing the wells, there's data created with all of those activities. So to take all of that data and to combine it in a model and then use artificial intelligence to help us understand the subsurface better and then predict what wells should be doing. And then if they're not doing what our predictions are, then we just have to find out why. And so that's enabled us to not only recover more hydrocarbons out of the reservoirs, but also to produce a more optimal rate and to know when there's an issue. So that's amazing. Tell us a little bit about the people's side of using artificial intelligence. Did you get any pushback along the way as you expand it into a i from your executive team or from your employees? Because um a I could make their jobs redundant. They were worried about losing their jobs. What was the feedback you got initially? There was there was concern about losing their jobs, but as we started implementing it on a larger scale, what they realized is that enabled them to do more of their job and to do it better and to also bring in other responsibilities. So many of our employees are happy that their jobs have actually expanded, they've learned more, they've been able to use and develop better skills than in different skills than they had before. So I think it's actually caused some excitement and those that have been able to be a part of this transition, we're seeing so many new capabilities that we can get from A. I technology as you look ahead in what way do you see that ai is advancing innovation occidental in the future? Maybe you can give us an example, I would say that in our steam flood in Oman and in our artificial lift our gas lift, our production processes in the premier Basin, we've automated a lot of that and it's perfect timing too because the generation that's coming in to work for us now, they're very accustomed to using computer technology and to use computers to do all of their work. So it's fitting really well with the way that the new workforce needs to work and it's more comfortable working. So we're actually able to optimize our operations all around the world with what we're doing now. We know that investing in Ai is very expensive. There are legal, legal and reputational risks of using AI in some businesses. And we also see new regulations are coming surrounding um Ai technology and and those are just some of the reasons that uh C. E. O. S are not ready to get on the ai bandwagon. You're a big believer in using Ai. So make a case of why it makes sense to do. So I think the benefits of AI far outweighs the risk. We have created so much value and we have not only created value in our operations, but the value in analyzing how we work on a daily basis. So I believe that the value, although you can't calculate it before you try to use it once you're using it, you see the value for it and then you see the other things that that you can expand it into. So I think Ai is definitely something that if you're not using very aggressively today, you're missing an opportunity