Schlumberger is joining artificial intelligence firm Group 42 and AIQ to develop and sell AI products for the global exploration and production market.
AIQ is a joint venture between G42 and Adnoc to develop and commercialise AI products and applications for the oil and gas industry.
As part of the partnership, AIQ’s data scientists and software developers will work on building and deploying AI solutions using Schlumberger’s open software platforms. The deployment will be hosted on G42’s cloud infrastructure.
Data gathering, modelling tools and predictive maintenance using machine learning technology allow energy companies 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. This is about seven times the rate of decline after the 2008 global financial crisis.
Schlumberger, the world's biggest oilfield services company by revenue, G42 and AIQ plan to share proprietary research technology and work to identify pilot projects that have the potential to be commercialised.
"These advanced AI solutions will play an important role in helping to further accelerate digital transformation within the global energy industry,” said Abdulmunim Saif Al Kindy, chairman of AIQ.
AIQ, which is 60 per cent owned by Adnoc and 40 per cent by G42, 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.
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Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EDirect%20Debit%20System%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20Sept%202017%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20with%20a%20subsidiary%20in%20the%20UK%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Undisclosed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Elaine%20Jones%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
ESSENTIALS
The flights
Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.
The trip
From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.
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Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
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