With a goal of creating more AI led solutions for the oil and gas sector, Adnoc on Tuesday announced that it had signed a deal with Abu Dhabi based Group 42 (G42) to create a new company that will be tasked with developing and commercialising market-leading AI products.
“As we prepare for the opportunities and challenges the 4th industrial age will present, this joint venture is a proactive approach using an innovative partnership to create the oil and gas technology solutions of tomorrow,” said Dr Sultan Al Jaber, Minister of State and Adnoc Group chief executive officer, who oversaw signing of the joint venture on the second day of Adipec.
“It reflects Adnoc’s commitment to deploying the power of advanced technology to maximise value from every molecule we produce and will strengthen Abu Dhabi and the UAE’s leading position at the cutting edge of AI and the global energy sector,” he added.
As part of the new partnership, Adnoc will be able to leverage G42’s CPU and GPU-based computing clusters, data scientists, software engineers and domain experts as it accelerates the delivery of its 2030 smart growth strategy. In return, G42 will have access to Adnoc’s petabytes of archival data as it develops new AI solutions for the oil and gas industry.
“This partnership will enable us to further develop the advanced AI tools required by Adnoc and other leading oil and gas companies to become more efficient, enhance their performance and empower their people, as they deliver the energy required for future economic growth,” said Peng Xiao, chief executive officer of G42.
The partnership with G42 is the latest in a long line of digital transformation initiatives by Adnoc which include other AI led programmes, data analytics, blockchain and machine learning, which the company hopes to utilise to improve the recovery rates of its wells and increase its energy efficiency operations.