The Abu Dhabi National Oil Company (ADNOC) announced the launch of AIQ, their new venture in partnership with Abu Dhabi-based artificial intelligence (AI) and cloud computing company, Group 42 (G42).
The AIQ formation follows the signing of an agreement between ADNOC and G42 which stated that the oil company will a share of 60 percent while the cloud computing firm will hold 40 percent of stake.
The venture aims at advancing and generating profit-oriented AI products and applications for the oil and gas industry. The partnership joins the professionals at G42 in AI modelling and supercomputing with the top-notch scientists, engineers, domain experts and the huge database from ADNOC.
ADNOC’s Abdulmunim Saif Al Kindy will be the Chairman of the AIQ Board of Directors with Ahmed Al Kuttab (ADNOC) and Alan Nelson (ADNOC) as well as Peng Xiao and Mansoor Ibrahim AlMansoori from G42 posted as the Board members.
ADNOC’s partnership with G42 is a part of its many other digital transformation initiatives to implant frontier technologies across its entire value chain. Other digital initiatives include Panorama Digital Command Centre, Thamama Subsurface Collaboration Centre, implementation of big data modelling tools for value chain optimization, computer vision technologies, predictive maintenance machine learning technologies and use of blockchain for hydrocarbon accounting.
“Through this new joint venture, we are able to accelerate the development of new AI solutions to optimize 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.”
Dr Alan Nelson, ADNOC Group Chief Technology Officer, stated that this partnership will help ADNOC to quicken its adoption of advanced technologies and further digitize their value chain to improve efficiency, performance and agility. He added that “the joint venture is testament to ADNOC’s drive to partner with local technology players to help grow the UAE’s innovation ecosystem and to drive long-term and sustainable value for the nation.”
Mr Peng Xiao, Group CEO, G42, said, “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 commenced work on a number of significant AI projects in the oil and gas value chain including the drilling performance, reservoir modelling, corrosion detection and quality of the product. Over time, the partnership will extended to other areas as well.