“Demystifying Artificial Intelligence and Opportunities for O&G and other Industries”
Mr. Trond Ellefsen is an engineer by education. Before coming to the US in 2011, he served 20 years in multiple leadership and global positions in Norsk Hydro ASA, Statoil ASA and five years as CIO for Statoil North America of which he was Special Advisor on Digital Strategy the last two years. Not following a normal career pattern, Trond resigned from Statoil in 2017 to become the CEO of the company Invatare LLC., a spearhead company within autonomous operation and artificial intelligence. Invatare has been operating in almost full stealth mode to dodge attention from competitors. In his presentation, Trond will lift the curtain a little to reveal how they are uniquely positioning themselves in a market where most players are due to lack of domain knowledge applying small patches of solutions to known challenges. Invatare are currently operating alone in the field of transforming O&G sector with distributed artificial intelligence and autonomous field operation solutions.
Content of Presentation
Only a few years ago, few paid any attention to Artificial Intelligence (AI) or Augmented Reality (AR) or even Virtual Reality (VR). Even though these technologies have been around for some time, they have only recently started to create an impact in our lives. Meanwhile, as the speed of technology is increasing at unprecedented velocity, most people find it hard to understand the reach and consequences for their businesses. Most companies are launching costly AI projects, which for the most part, will fail due to multiple reasons.
For any industry, we are currently at a moment in time very similar to where businesses like Sears, Macy, J.C Penny find themselves faced with an almost unbeatable competitor and revenue killing predator. Amazon is a company that has turned the traditional brick and mortar completely upside down over the past 10 years. The US companies, which have been insensitive to the change happening, but remained oblivious to the legacy operating model, have found their revenues cannibalized with as much as 96%. Some companies are even hoping for the world to turn back the clock to the good old days. Not likely to happen!
This presentation is meant to be “no-technical skills required” and is aimed at trying to demystify both some of the misconceptions and opportunities that exist. Furthermore, it is meant to be both thought provocative, a little educational, and also give the opportunity to ask questions about the “why”, “what” and “how”.
Invatare, an AI startup with deep roots in O&G, is about to reshape the conservative O&G by being the first and only player delivering Autonomous oil field operation.