Abu Dhabi: Abu Dhabi National Oil Company (ADNOC) on Wednesday launched an artificial intelligence (AI) joint venture company with Group 42 (G42).
The venture, called AIQ, was formed following the signing of a JV agreement between ADNOC and G42 in November 2019 with the energy giant holding a 60-percent stake.
AIQ will focus on developing and commercializing AI products and applications for the oil and gas industry. The partnership brings together G42’s expertise in AI modeling and supercomputing with ADNOC’s oil and gas industry know-how.
“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,” said Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC Group CEO. “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”
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.
“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,” siad Alan Nelson, ADNOC Group Chief Technology Officer.