Adnoc has formed a joint venture with Abu Dhabi artificial intelligence firm Group 42 to develop and commercialise AI products and applications for the oil and gas industry.
Named AIQ, the new company is 60 per cent owned by Adnoc and 40 per cent by G42, the state-owned oil company said on Wednesday.
AIQ combines AI modelling, supercomputing and a team of data scientists and software engineers from G42 with Adnoc's oil and gas industry expertise and a vast amount of data.
G42 owns and operates Artemis, the world’s 26th-most powerful supercomputer.
“Through this new joint venture, we are able to accelerate the development of new AI solutions to optimise processes, improve planning and increase profitability for Adnoc and the wider oil and gas industry," Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Adnoc Group chief executive, said.
Adnoc has been building in-house capabilities for data gathering and reporting since 2018 with the opening of its Panorama Digital Command Centre.
Data gathering, modelling tools and predictive maintenance machine learning technology allow the company to avoid service disruptions and respond swiftly to market dynamics – which have been critical in 2020.
The energy industry is facing its biggest shock in 70 years from the coronavirus pandemic, according to the International Energy Agency, which forecast that global energy demand will fall by 6 per cent this year, about seven times the rate of decline after the 2008 global financial crisis.
“The use of AI, combined with G42’s supercomputing capabilities, as well as Adnoc’s industrial expertise and breadth of data, will unlock efficiencies across the entire value chain, inspiring new approaches," said Peng Xiao, group chief executive of G42.
AIQ has started work on a number of projects across the oil and gas value chain such as drilling performance, reservoir modelling, corrosion detection and product quality monitoring.
The launch of AIQ comes after the signing of the agreement between Adnoc and G42 in November 2019.
The chairman of AIQ is Abdulmunim Al Kindy of Adnoc, with G42's Peng Xiao and Mansoor Al Mansoori on the board of directors.
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Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
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Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
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Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
