It is clear that in today’s world, information is the new precious commodity. In the era known as the ‘Fourth Industrial Revolution’, companies are looking to take advantage of robotics, artificial intelligence, big data and the Internet of Things, all of which are set to reshape the global economy in ways previously unimagined.

Taking particular advantage of this new trend are the world’s energy companies. They are among those doing the most to bridge the gap between a century-old industry and today’s cutting-edge technology. At the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) this week, the UAE’s minister of state for Artificial Intelligence, Omar bin Sultan Al Olama, went so far as to declare that “Data is the new oil.”

Indeed, according to Pulitzer Prize-winning author, economic historian and one of the world’s leading experts on the oil & gas sector; Daniel Yergin, there is now a “symbiosis” between energy producers and the new knowledge economy. The production of oil & gas and the generation of data are now, Yergin argues, “wholly inter-dependent”.

 

Full article available: https://www.neweurope.eu/article/why-data-is-the-new-oil-and-what-happens-when-energy-meets-industry-4-0/

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