Tue 12-11-2019 15:49 PM
ABU DHABI, 12th November, 2019 (WAM) -- The Abu Dhabi National Oil Company, ADNOC, announced on Tuesday it has signed an agreement with Group 42 (G42), an Abu Dhabi based artificial intelligence, cloud and supercomputing company, to establish a joint venture to develop and commercialise market-leading artificial intelligence, AI, products for the oil and gas industry.
Under the terms of the agreement, a new company will be established as a separate legal and operating entity, said an ADNOC press release issued on Tuesday.
The agreement was signed at the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, by Omar Suwaina Al Suwaidi, Director, Executive Office Directorate at ADNOC; and Peng Xiao, CEO of G42. The signing of the agreement was witnessed by Dr Sultan Ahmed Al Jaber, Minister of State and ADNOC Group CEO.
Dr 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 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."
The partnership will enable ADNOC to leverage G42’s sophisticated central processing unit, CPU, and graphics processing unit, GPU-based computing clusters, world-class data scientists, software engineers, 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.
Xiao said, "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 is one of the several digital transformation initiatives by ADNOC, as it utilises cutting-edge technology across its entire 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. Among the technologies ADNOC is deploying are artificial intelligence, data analytics, blockchain and machine learning, said the press release.