Abu Dhabi National Oil Company (ADNOC) announced yesterday the launch of AIQ as a joint venture with Group 42 specializing in artificial intelligence and cloud computing, which is based in Abu Dhabi. The launch of the company follows the agreement signed in November 2019 between ADNOC and Group 42 to establish a joint venture with the aim of developing and commercializing the leading artificial intelligence products destined for the oil and gas sector, with ADNOC owning 60%, while the group owning 40%.
AIQ will focus on developing and commercializing AI products and applications for the oil and gas sector. The partnership combines Group42’s expertise in artificial intelligence and supercomputing modeling and its global team of data scientists, software engineers and domain experts, with ADNOC’s world-class expertise in the oil and gas industry and its vast archive of data.
His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and CEO of ADNOC and its Group of Companies said: In line with the vision of the wise leadership to benefit from the advanced technology of the Fourth Industrial Revolution in achieving the maximum possible value from ADNOC’s business, this new company will contribute to enhancing our efforts to develop effective solutions based on Artificial Intelligence to enable ADNOC, and the oil and gas sector, to raise the efficiency of operations, improve planning and improve performance. This partnership also allows ADNOC to develop AI solutions and applications in a highly cost-efficient manner, and contributes to strengthening Abu Dhabi and the country in general as a global hub for artificial intelligence and industrial growth based on advanced technology.
Board of Directors
Abdel Moneim Saif Al Kindi (ADNOC) chairs the board of directors of the company, whose board members consist of Mansour Al Mansouri, Peng Xiao from Group 42, Ahmed Tamim Al Kuttab and Alan Nelson from (ADNOC).
initiative
The partnership with Group 42 is one of ADNOC’s many initiatives to accelerate the pace of digital transformation and expand the use of artificial intelligence applications in its business in various fields and stages of the oil and gas sector. Among these initiatives are the Artificial Intelligence Center (Panorama) and the Thumama Center for the Study of Petroleum Reserves, in addition to value chain models that use artificial intelligence applications, computer vision, machine learning, predictive maintenance techniques, and the use of blockchain technology in resource accounts. Hydrocarbon.
Dr. Alan Nelson, Chief Technology Officer at ADNOC, said: “We are delighted to launch this artificial intelligence company with Group 42, which will contribute to accelerating ADNOC’s continuous efforts to employ advanced technologies in its business in various fields and stages of the oil and gas sector and expand the use of digital applications. In the company’s supply chain, with the aim of raising efficiency, improving performance, and enhancing flexibility in its work in various fields and stages of the oil and gas sector.
He added: “This joint project provides further evidence of ADNOC’s keenness and willingness to build partnerships with institutions and actors in the field of information technology at the local level to contribute to the growth and development of a system of innovations and modern technologies in the UAE and to achieve sustainable economic value in the long term.”
Applications
Peng Shawer, CEO of Group 42, said: “This partnership with ADNOC enables the development of tools and applications based on artificial intelligence for the oil and gas sector in the future, and we are looking forward to benefit from the modern infrastructure that we have in the field of cloud computing, and our distinguished team Artificial intelligence experts to help find and develop solutions that adopt the latest artificial intelligence technologies. The company allows us to employ artificial intelligence applications, the capabilities of Group 42 in the field of high-speed computers, ADNOC’s extensive experience in the field of oil and gas, the quality of its data and the breadth of its scope and use it to enhance the effectiveness of operational processes in all stages and aspects, in addition to adopting innovative and new methods for exploration and production. And transportation, processing, distribution and sales ».
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