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Rick Rolston
CEO at BuiltSpace Technologies Corporation
Rick Rolston is a professional in the field of facilities management, with a focus on technologies such as Software-as-a-Service, the cloud, mobile devices, the Internet of Building Things, and more.
He is the CEO of BuiltSpace Technologies Corp., a company dedicated to assisting facilities operators, services, and owners in leveraging new technologies to enhance operational and energy efficiency in their portfolios.
Rick has a background in education from Summerland Secondary and The University of British Columbia, providing him with a strong foundation for his work in the industry.
In addition to his role at BuiltSpace Technologies Corp., Rick has been involved in organizations such as CanBIM, where he was a member of the Digitization & Data Think Tank, as well as having been the CEO of Jakeda Technology Services Corp.
Highlights
How is AI helping the oil & gas industry improve operational efficiency, reduce the costs of production, and decarbonize (yes, decarbonize!) the industry? You may be surprised. Well worth a quick read
Note: The Permian Basin underlies the West Texas oil fields, supplying about 40% of the US oil production and 15% of the natural gas. This article describes innovation in oil & gas, from the industry perspective.
Some of the highlights:
"With rig counts in flux and the best prospects in the Permian mostly drilled up, Thomas sees producers leveraging technology, specifically Generative AI, to maximize new and existing wells—a trend that will pick up more speed in the coming years."
"For instance, a 200,000-bpd offshore platform experiencing about 12 hours of unplanned downtime can result in deferred production worth up to $8 million.” (Deloitte, 2024 Oil and Gas Industry Outlook, December 2023)."
“Some companies are leveraging AI-based advisors to process incredible quantities of data, including geological and subsurface information such as seismic surveys, well logs, and historical drilling records, leading to optimized drilling processes and providing Generative AI interfaces which allow users to utilize natural language to query and interact with the data [ibid].”
"In fact, around 60 percent of our surveyed O&G executives supported investments in low-carbon projects if the internal rate of return [IRR] from these projects exceeds 12-15 percent. However, this expected return is about 1.5–2 times the returns achieved by renewable power projects (primarily solar and wind).”
#ai #decarbonization #construction #builtenvironment #innovation #costreduction
The flow of equipment and materials, to arrive on the #construction site exactly at the right time, is a major source of inefficiency in the industry...too early and the equipment gets in the way...too late and the project is delayed. Time is money. Here's an interesting article on innovation in digital supply chain integration.
BuiltSpace Technologies Corp.
