The Abu Dhabi National Oil Company (ADNOC) has announced the launch of AIQ, its Artificial Intelligence (AI) joint venture company with Group 42 (G42), an Abu Dhabi-based AI and cloud computing company
ADNOC holds a 60% stake and G42 a 40% stake in the new company.
AIQ will focus on developing and commercialising AI products and applications for the oil and gas industry. The partnership brings together G42’s expertise in AI modelling, supercomputing and its team of data scientists and software engineers with ADNOC’s oil and gas industry know-how, domain experts and its vast amount of data.
ADNOC’s partnership with G42 represents one of several digital transformation initiatives to embed cutting-edge technology across its entire value chain. Other digital initiatives include its AI and big data-driven Panorama Digital Command Center, its smart data analytics Thamama Subsurface Collaboration Center, its use of big data modelling tools for value chain optimisation, computer vision technologies, predictive maintenance machine learning technologies and use of blockchain for hydrocarbon accounting.
H.E. Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC Group CEO, said, “Through this new joint venture, we are able to accelerate the development of new AI solutions to optimise processes, improve planning and increase profitability for ADNOC and the wider oil and gas industry. This partnership model allows ADNOC to develop AI solutions and applications in a cost-efficient way and strengthens Abu Dhabi’s and our nation’s position as a global hub for AI and technology driven industrial growth”.
Peng Xiao, Group CEO, G42, said, “This partnership with ADNOC offers the potential to create the AI tools for the oil and gas industry of tomorrow and we look forward to leveraging our state-of-the-art cloud infrastructure and specialised team of AI experts to help develop these new cutting-edge solutions. The use of AI, combined with G42’s supercomputing capabilities, as well as ADNOC’s industrial expertise and breadth of data, will unlock efficiencies across the entire value chain, inspiring new approaches to exploration, production, transportation, processing, distributions and sales.”
AIQ has started work on a number of key AI projects across the oil and gas value chain such as drilling performance, reservoir modelling, corrosion detection and product quality. The scope of projects will be expanded to other areas as the JV progresses.
