Generative AI in energy, natural resources and chemicals

An exclusive KPMG survey shows how energy, natural resource and chemical leaders are approaching this transformative technology

With the advent of generative artificial intelligence (AI), executives in the energy, natural resources and chemicals (ENRC) industries see opportunities to improve virtually every facet of their businesses.

Energy executives envision generative AI automating routine tasks and decision-making processes, predicting when and where their plants and pipelines will need maintenance, and helping with exploration and development of natural resources. But they aren’t particularly confident it will help their organizations grow revenue or gain market share, suggesting some view the technology less as a tool for outpacing competitors and more as a way to keep up with them.

Whether it’s to forecast hypothetical energy transition scenarios, model a variety of asset portfolios, or determine more sensible ways to manage and extract resources, ENRC companies face undeniable internal and external pressures to embrace generative AI. Given widespread concerns about climate and the environment—and the role that energy, natural resources and chemicals play in both—ENRC executives are more likely than most to see environmental, regulatory and political factors influencing the need for the technology at their companies.

These are among the key findings from an exclusive KPMG survey in March 2023 of 300 global executives across a wide range of industries, and a follow-up survey conducted three months later. That 2023 KPMG Generative AI Survey report reveals what executives across industries expect from generative AI and what concerns they have about using the technology.

This ENRC-specific report highlights where the survey findings differ most for ENRC companies relative to others. It also features insights from KPMG about emerging use cases for generative AI and challenges to adopting it. Finally, the report offers practical tips to get started with deploying generative AI, which allows even non-technical users to quickly and easily generate content and insights based on natural language prompts.

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Brad Stansberry
Partner, Energy and Chemicals Industry Advisory Leader

Angela D. Gildea
Principal, Advisory, National Sector Leader – ENRC

Manu G. Rao
Principal, Advisory

Martin Kaestner
Principal, Advisory – Lighthouse

Joshua P. Galvan
Principal, Advisory – Technology Risk

Jason Haward-Grau
Principal, Advisory – Cyber Security Services