AI and the future of contract management in the oil and gas sector
1 Independent Researcher, Lagos Nigeria.
2 Independent Researcher; Columbus Ohio, USA.
3 Energy and Environmental law and policy, Georgetown University law center Washington DC, United States of America.
Review Article
World Journal of Advanced Research and Reviews, 2023, 19(03), 1571–1581
Article DOI: 10.30574/wjarr.2023.19.3.1424
Publication history:
Received on 21 August 2023; revised on 25 September 2023; accepted on 29 September 2023
Abstract:
The integration of Artificial Intelligence (AI) into contract management within the oil and gas sector represents a transformative shift, promising significant enhancements in efficiency, accuracy, and strategic decision-making. AI technologies, including machine learning and natural language processing, offer advanced capabilities for automating contract lifecycle processes, from drafting and negotiation to compliance and performance monitoring. These innovations reduce human error, expedite contract execution, and ensure adherence to regulatory standards. Moreover, AI-driven analytics provide deep insights into contract data, enabling predictive maintenance, risk assessment, and cost optimization. This evolution facilitates proactive management and fosters more strategic partnerships. The oil and gas industry, characterized by its complex, high-value contracts and stringent regulatory environment, stands to benefit immensely from AI's ability to streamline operations and mitigate risks. However, the adoption of AI in contract management also presents challenges, including the need for robust data governance, cybersecurity measures, and the upskilling of personnel to work alongside AI systems. Addressing these issues is crucial to fully harnessing the potential of AI. This abstract explores the current applications and future prospects of AI in contract management, emphasizing its role in driving operational excellence and competitive advantage in the oil and gas sector. As the industry navigates the digital transformation journey, AI emerges as a pivotal tool in enhancing contract management efficacy, ultimately contributing to more resilient and agile business operations.
Keywords:
Artificial intelligence; Contract Management; Oil and Gas Sector
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