The Abu Dhabi National Oil Company (ADNOC) has partnered with Abu Dhabi based Group 42 (G42) to set up a joint venture to develop and commercialize artificial intelligence (AI) products for the oil and gas industry.
The newly established joint venture AI company will be a separate legal and operating entity.
The tie-up will allow ADNOC to leverage G42’s advanced CPU and GPU-based computing clusters, data scientists, software engineers, and domain experts, as it speeds up executing its 2030 smart growth strategy.
On the other hand, G42 will gain access to ADNOC’s petabytes of archival data to roll out new AI solutions for the oil and gas industry.
With the partnership G42, ADNOC advances its digital transformation that is aimed at deploying latest technologies across its entire value chain.
The oil giant is deploying artificial intelligence, data analytics, blockchain and machine learning to reduce the downtime of critical equipment, improve recovery rates of wells, increase energy efficiency and introduce flexibility to respond to market signals.
With a daily output of about 3 million barrels of oil and 10.5 billion cubic feet of natural gas, ADNOC is one of the world’s top diversified energy and petrochemicals groups.
In 2018, ADNOC received approval for an investment of AED486bn (£108.9bn) from the Abu Dhabi’s Supreme Petroleum Council (SPC) to expand its production capacity.
The massive investment plan is expected to increase its oil production capacity to 4 million barrels per day (mmbpd) by 2020-end and 5mmbpd by 2030.
ADNOC Group CEO Sultan Ahmed Al Jaber said: “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 maximize 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.”