Abu Dhabi National Oil Company promotes a joint alliance for expansion and as well as for marketing artificial intelligence products as well as applications.
The ADNOC (Abu Dhabi National Oil Company) during Wednesday announced the launch of AIQ that is an Artificial Intelligence (AI) a joint venture firm with Group 42.
The conclusion of the formation regards the AIQ follows up with signing of the JV agreement between ADNOC as well as G42, Abu-Dhabi based AI as well as cloud computing firm, during November 2019 alongside ADNOC holding 60 percent stake.
The Minister of Industry and Advanced Technology as well as the ADNOC firm’s CEO Dr. Sultan bin Ahmed Al Jaber stated that “Via the latest joint venture, they are able to accelerate expansion of latest AI Solutions for optimizing process, surge planning as well as profitability for ADNOC as well as broader oil and gas sector. The Joint venture module supports the ADNOC for expansion of AI solutions as well as varied applications in a rate-efficient manner and it bolsters Abu Dhabi’s as well as their position as global hub for the AI as well as technology powered industrial expansion.”
The group CEO of G42, Peng Xiao stated that “The JV partnership alongside ADNOC provides all potential for creation of AI tools for futuristic Oil and Gas sector and that they thrive hard for leveraging their state-of-art cloud backed infrastructure as well as specialized team of AI Experts supporting them for development of latest cutting-edge solutions.”
AIQ stated that it’s on track toil for a number of core AI projects across the oil and gas value chain such as drilling performance, reservoir modelling, corrosion detection, and product quality. The opportunity of projects will be extended to additional areas as the JV progresses, a statement added.
“The optimal utilization of AI, combined with G42’s supercomputing capabilities, as well as ADNOC’s industrial expertise, length and breadth of data, will reveal competences across the entire value chain, inspiring new approaches to exploration, production, transportation, processing, distributions and sales.”