The joint venture company AIQ, formed via the proposed venture between ADNOC (Abu Dhabi National Oil Company) as well as the partnership firm, technology specialist Group 42, will aid in overall development as well as commercializing the AI products as well as the Oil-Gas industry. Thereby, they will be focussing on development of Artificial intelligence technologies within the UAE.
The AIQ has already begun upon task in a number of numerous core AI projects across varied Oil-Gas value chain initiatives ranging in from the drilling performance, reservoir modelling, corrosion detection, as well as the overall product quality.
The firm ADNOC will be holding a 60 percent stake in the joint venture firm, with Group 42 owner of the rest of it. The Abu Dhabi backed G42 will be pioneer in optimal utilization of its varied skills within the AI modelling, supercomputing, as well as hiring and utilize key expertise of specialized team of data scientists, as well as software engineers, wherein, the ADNOC will be instrumental in contribution of its know-how, domain backed expertise, as well as maintenance of core as well as vast amount of data for the new firm.
ADNOC has been quick to appoint Abdulmunim Saif Al Kindy as the elected chairman of the board of directors for the AIQ. The other board members include Peng Xiao-Group CEO of G42, Mansoor Ibrahim AlMansoori (G42), ADNOCs group CTO Alan Nelson as well as Ahmed Al Kuttab also from ADNOC.
Peng Xiao the group CEO of G42 also stated that “this crucial partnership alongside the ADNOC, provides potential for them to create AI tools for the upcoming Oil and Gas arena of tomorrow, and that they look in forward for leveraging their state-of-art cloud infrastructure and via our specialized team of core AI experts who are known for development of these latest cutting-edge solutions. The optimal utilization of AI, in combination with the ADNOCs industrial expertise as well as breadth of the data, will unlock a lot potentialities as well as efficiencies across whole of the value chain, that will in turn be instrumental in inspiration of latest approaches, towards exploration, production, transportation, processing as well as distributions and sales.”
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Group CEO was also quick to comment that “Via this new and unique venture, they will be in a position for acceleration of the development, deployment of latest AI solutions for optimizing the processes, advance planning as well as upsurge the ADNOCs profitability. It will also be instrumental in broadening the scope for the Oil and Gas arena. This joint venture model also in turn will support ADNOC for development of the AI solutions as well as varied applications within a cost-efficient manner that aids in bolstering Abu Dhabi’s and the Nation’s overall position as a global AI hub as well as for a huge technology powered industrial expansion.”
ADNOC, global leader in Oil-Gas arena, is already have a lot of initiatives that has been done upfront as a module for a digital powered transformation strategy. These is all inclusive with the ample support garnered from its AI as well as big data driven ecosystem also known as “Panorama Digital Command Centre”, and as well as its smart data analytics “Thamama Subsurface Collaboration Centre”, its optimal utilization of Big Data Modelling tools for value-supply-chain optimization, computer vision technologies, the predictive maintenance in Machine Learning aspect as well as utilization of the blockchain for hydrocarbon accounting.
The Group 42 has also recently announced the launching of a wholly-owned subsidiary in the Israel that will also facilitate G42’s access for accessing the Israeli talent pool, as well as the advanced technologies and core resources. The firm which has also established an output testing laboratory within Abu Dhabi in 14 days’ time frame has also emerged as the pioneer in global first Phase III clinical trials for the COVID-19 inactivated vaccine.