ADNOC and Abu Dhabi-Based Group 42 Launch AIQ – an Artificial Intelligence Joint Venture Company
AIQ will develop AI applications for the global oil and gas industry and help accelerate industry adoption of advanced technologies in the UAE
JV supports ADNOC’s continued drive to leverage AI to optimize performance and grow the UAE’s innovation ecosystem
Abu Dhabi, UAE – October 7th, 2020: The Abu Dhabi National Oil Company (ADNOC) today announced the launch of AIQ, its Artificial Intelligence (AI) joint venture (JV) company with Group 42 (G42), an Abu Dhabi-based AI and cloud computing company.
The completion of the formation of AIQ follows the signing of the JV agreement between ADNOC and G42 in November 2019 with ADNOC holding a 60-percent stake and G42 a 40-percent stake in AIQ.
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, supercomputing and its world-class team of data scientists and software engineers with ADNOC’s world-class oil and gas industry know-how, domain experts and its vast amount of data.
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 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”.
The Chairman of the AIQ Board of Directors is Abdulmunim Saif Al Kindy (ADNOC), with Peng Xiao (G42) Mansoor Ibrahim AlMansoori (G42), Ahmed Al Kuttab (ADNOC) and Alan Nelson (ADNOC) being appointed as Board members.
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 modeling tools for value chain optimization, computer vision technologies, predictive maintenance machine learning technologies and use of blockchain for hydrocarbon accounting.
Dr. Alan Nelson, ADNOC Group Chief Technology Officer, said: “We are excited about the launch of our AI joint venture with G42 as it enables us to accelerate ADNOC’s adoption of advanced technologies and further digitalize our value chain to enhance efficiencies, performance and agility. 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.”
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 specialized 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.