Adnoc convenes top CTOs from energy companies to assess role of tech post-Covid
The experts looked into how they can use innovation in addressing key issues facing the industry
Abu Dhabi National Oil Company convened over 30 chief technology officers from international energy firms for an online gathering to assess the role that technology plays in the oil and gas industry following the Covid-19 outbreak.
The event, which coincides with the UAE's Innovation Week, examined how technology will help the industry navigate a post-Covid environment.
The first of an annual series addressed the disruptive forces facing the industry, which was hit by the twin impacts of an economic downturn and a fall in prices owing to the pandemic.
The technology experts looked into how they can use innovation in addressing key issues facing the industry, particularly "digitalisation, decarbonisation, and the potential of future fuels".
On Monday, Adnoc said it generated $1.1 billion in business value through the deployment of Big Data and analytics at its Thamama Centre, which oversees upstream operations. The company accrued $2bn in cost savings over the last five years by employing advanced technology and digitalisation to optimise its drilling operations.
The company is harnessing the power of Big Data and Artificial Intelligence to increase its production capacity to 5 million barrels per day by 2030.
Increasing digitalisation of its upstream operations is helping the national oil company generate new efficiencies, including improvement of recovery from reservoirs to 70 per cent.
Adnoc is also looking to forge critical partnerships with local and international tech firms and vendors.
Last October, Adnoc formed a joint venture known as AIQ with Abu Dhabi artificial intelligence firm Group 42 to develop and commercialise AI products and applications for the oil and gas industry.
A month later, AIQ, Group 42 and the world's largest energy services firm, Schlumberger, agreed a deal to develop and sell AI products for the global exploration and production market.
Updated: March 1, 2021 01:53 PM