Abu Dhabi's AIQ, which specialises in artificial intelligence for the energy sector, will seek to tap into opportunities brought about by the UAE's decision to leave Opec, its chief executive has said.
The exit from the oil-producing group, announced on Tuesday, is expected to pave the way for an independent oil strategy, with analysts noting it would unlock a new energy and economic playbook for the UAE.
It is also a signal for energy technology companies to “react faster” to market conditions that are expected to accelerate as a result, Dennis Jol told The National.
“All the decisions that you may make [regarding] Opec has nothing to do with us, or our business but for us as a technology provider, our aim is to make the energy systems more productive, efficient, sustainable and safe,” he said in an interview ahead of this week's Make it in the Emirates summit in Abu Dhabi, where AIQ is also participating.
“And when it comes to AI, I think our ability to be able to make decisions and move faster based on market conditions is only going to accelerate what we do.”
Once the Iran war ends, the UAE is expected to step up oil production as it will be free of Opec-enforced quotas. The Arab nation, which was restricted to 3.4 million barrels per day of output, plans to raise production to as much as 5 million bpd by 2027, said Suhail Al Mazrouei, Minister of Energy and Infrastructure. He told The National the decision to leave Opec was “purely a policy move”.
“When you're at a place where you'll be able to always pump more than your Opec capacity … your ability to react has to be faster, and we believe that AI is going to enable our energy systems to be able to react faster,” Mr Jol said.
“We're going to double down here … what [the UAE leaving Opec] means is that we are going to be joining the markets and being able to produce with what the market demands are.”
The decision also puts the spotlight on the country's technology capabilities in the energy sector, Mr Jol said. AIQ last year announced a $340 million contract with energy major Adnoc to use EnergyAI, the first agentic AI for the energy sector.
“In such complex environments, business as usual requires extraordinary technology and so the technology itself is going to be needed to make decisions quicker and faster,” he said.
“It should be able to help us look at things, analyse and visualise … what started off as agentic AI allowing systems to perceive, think, learn and act … now we're moving to orchestration.”
North Sea play
AIQ, a joint venture between Adnoc and AI company Presight, is also aggressively expanding its footprint overseas. It has already announced partnerships to introduce its technology offerings in Colombia, Kazakhstan and Indonesia.
Last month, Mr Jol told The National AIQ sees opportunities to export its technology to the US and Canada. It has also boosted its plans for Europe, with a November agreement with Norway's Kongsberg Digital to drive AI-powered optimisation for drilling operations, particularly in the North Sea.
“When you think about the North Sea environments … that's where a lot of the harsh environments [are] for oil and gas,” he said. The technology needed for that region should be “advanced and efficient”.
Mr Jol did not give a timetable for the use of its products overseas. “We're entering a golden age of digital innovation … whether it's in orchestration, deployment, implementation, integration and ultimately the maintenance of the entire energy system,” he said.
AIQ's investment “allows us to be ready to act on the challenges that the markets will bring”, he added.
