ADNOC and G42 sign deal to develop AI products
As per the terms of the agreement a new company will be established as a separate legal and operating entity
The Abu Dhabi National Oil Company (ADNOC) has inked a deal with Group 42 (G42) to set up a JV to develop and commercialise AI products for the oil and gas industry.
The agreement was signed at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) by Omar Suwaina Al Suwaidi, director, Executive Office Directorate, ADNOC and Peng Xiao, CEO of G42. The signing of the agreement was witnessed by Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.
“As we prepare for the opportunities and challenges the 4th industrial age will present, this joint venture is a pro-active approach using an innovative partnership to create the oil and gas technology solutions of tomorrow. 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,” said Dr Al Jaber.
According to a statement, the partnership will enable ADNOC to leverage G42’s CPU and GPU-based computing clusters, data scientists, software engineers, domain experts, as it works to the delivery of its 2030 smart growth strategy. G42 will also have access to ADNOC’s archival data, which will enable the firm to develop new AI solutions for the oil and gas industry.
Xiao added, “We are proud to join forces with ADNOC to create this new Abu Dhabi based entity that will provide the world with best-in-class, AI-based technological 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.”
The partnership with G42 said to be one of several digital transformation initiatives by ADNOC. The firm plans to use technology across its value chain to reduce the downtime of critical equipment, improve recovery rates of wells, increase energy efficiency and introduce flexibility to respond to market signals. The firm states it is leveraging artificial intelligence, data analytics, blockchain and machine learning.
