Adnoc and Group 42 form joint venture to build up AI products for coal and oil industry
08 October, 2020
Adnoc has formed a jv with Abu Dhabi artificial intelligence firm Group 42 to build up and commercialise AI products and applications for the oil and gas industry.
Named AIQ, the brand new company is 60 % owned by Adnoc and 40 % by G42, the state-owned oil company said on Wednesday.
AIQ combines AI modelling, supercomputing and a team of data scientists and software engineers from G42 with Adnoc's oil and gas industry expertise and a vast amount of data.
G42 owns and operates Artemis, the world’s 26th-most powerful supercomputer.
“Through this new jv, we are able to accelerate the development of new AI solutions to optimise processes, improve planning and increase profitability for Adnoc and the wider coal and oil industry," Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Adnoc Group leader, said.
Adnoc has been building in-house functions for data gathering and reporting since 2018 with the opening of its Panorama Digital Command Centre.
Data gathering, modelling tools and predictive maintenance machine learning technology permit the company to avoid service disruptions and respond swiftly to market dynamics - which have been critical in 2020.
The energy industry is facing its biggest shock in 70 years from the coronavirus pandemic, in line with the International Energy Agency, which forecast that global energy demand will fall by 6 % this season, about seven times the rate of decline following the 2008 global financial crisis.
“The use of AI, coupled with G42’s supercomputing capabilities, together with Adnoc’s commercial expertise and breadth of data, will unlock efficiencies across the complete value chain, inspiring new approaches," said Peng Xiao, group chief executive of G42.
AIQ has started focus on a number of projects across the coal and oil value chain such as for example drilling performance, reservoir modelling, corrosion detection and product quality monitoring.
The launch of AIQ employs the signing of the agreement between Adnoc and G42 in November 2019.
The chairman of AIQ is Abdulmunim Al Kindy of Adnoc, with G42's Peng Xiao and Mansoor Al Mansoori on the board of directors.
Source: www.thenational.ae
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