ADNOC, Abu Dhabi-based Group 42 Launch 'AIQ', AI Joint Venture Company
Fahad Shabbir (@FahadShabbir) Published October 07, 2020 | 04:00 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 07th Oct, 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 commercialising 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.
Dr. Sultan bin Ahmed 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 Centre," its smart data analytics "Thamama Subsurface Collaboration Centre," its use of big data modeling tools for value chain optimisation , 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 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.
Recent Stories
SC orders end of encroachments in Karachi
Nazish Jahangir denies viral screenshots, calls them fake
Govt likely to hike electricity price once again
Bismah Maroof announces immediate retirement from international cricket
Malala expresses unwavering support for Gaza people
Selection committee dissolved over Pakistan women cricket team's poor performanc ..
Punjab CM Maryam Nawaz in police uniform at Chung police center
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago