Adnoc to develop AI solutions with Abu Dhabi-based Group 42

Energy company has been investing in new technology such as AI and blockchain

Abu Dhabi, UAE – November 12, 2019: The Abu Dhabi National Oil Company (ADNOC) announced today it has signed an agreement with Group 42 (G42), an Abu Dhabi based artificial intelligence (AI), cloud and supercomputing company, to establish a joint venture to develop and commercialize market-leading 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. 

The agreement was signed at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) by Omar Suwaina Al Suwaidi, Director, Executive Office Directorate, ADNOC, and Peng Xiao, CEO of G42. The signing of the agreement was witnessed by His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO. Courtesy Adnoc
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Abu Dhabi National Oil Company signed an agreement with UAE-based artificial intelligence company, Group 42, to develop AI products for the energy sector.

A new company under separate legal and operating terms will be established, the companies said.

"As we prepare for the opportunities and challenges the fourth industrial age will present, this joint venture is a proactive approach using an innovative partnership to create the oil and gas technology solutions of tomorrow," Dr Sultan Al Jaber, Adnoc Group chief executive and UAE Minister of State said.

Through the new company, Adnoc will leverage G42's central processing and graphics processing units and its scientific expertise, while the tech firm will have access to the state oil company's "petabytes of archival data" to help develop new systems.

A petabyte is the equivalent of 1,000 terabytes.

Adnoc has been investing more into AI and blockchain as part of its move towards building a leaner, more integrated company.

In 2017, it opened two innovation centres, Thamama and Panorama, at its Abu Dhabi headquarters. The two facilities exploit data to drive down costs, with the former generating efficiency savings of up to $1 billion (Dh3.67bn) from 2017 levels and helping to reduce drilling time by 30 per cent, Adnoc said.

The company is also piloting a blockchain-based automated system with IBM to integrate oil and gas production across its entire value chain.