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McKinsey says AI could unlock $230 billion for oil and gas and oilfield services and equipment (OFSE) companies.

AI Could Unlock $230B for Oil, Gas, OFSE Cos, McKinsey Says

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AI could unlock $230 billion for oil and gas and oilfield services and equipment (OFSE) companies.

That’s according to a new insight from McKinsey & Company sent to Rigzone recently, which was penned by Bill Ambrose, a partner in McKinsey’s Houston, Texas, office, Georgio Bresciani, a senior partner based in the company’s London, UK, office, Spandan, another partner in McKinsey’s Houston office, and Priyank Singh, an engagement manager at the business.

“The challenge is where to concentrate, how to scale, and how to share value when efficiency reduces the activity that many contracts reward,” the McKinsey representatives stated in the insight.

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Source: Rigzone

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Texas energy expected to be key in meeting global demand

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As 2023 gets underway, the Energy Information Administration is offering its annual short-term energy outlook for the early part of the year.

Among the trends the report has identified are rising natural gas production, increasing liquefied natural gas exports and high winter electricity prices.

So, asked the Texas Independent Producers and Royalty Owners Association, what does this mean for Texas?

“Global production will continue to rise in the coming years and the Permian Basin will play a critical role in meeting energy demand here and abroad,” responded Ed Longanecker, TIPRO president, in an email to the Reporter-Telegram.

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Source: mrt

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