G42, ADNOC JV for AI in Oil and Gas
With a goal of creating more artificial intelligence (AI) led solutions for the oil and gas sector, Abu Dhabi National Oil Company (ADNOC) has signed a deal with compatriot technology company Group 42 (G42) to create a new joint venture.
The JV will be tasked with developing and commercializing market-leading AI products for the energy sector.
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.
Dr Al Jaber said: “As we prepare for the opportunities and challenges the 4th industrial age will present, this joint venture is a pro-active approach using an innovative partnership to create the oil and gas technology solutions of tomorrow. It reflects ADNOC’s commitment to deploying the power of advanced technology to maximize value from every molecule we produce and will strengthen Abu Dhabi and the UAE’s leading position at the cutting edge of AI and the global energy sector.”
The partnership will enable ADNOC to leverage G42’s sophisticated CPU and GPU-based computing clusters, world-class data scientists, software engineers, domain experts, as it accelerates the delivery of its 2030 smart growth strategy. In return, G42 will have access to ADNOC’s petabytes of archival data as it develops new AI solutions for the oil and gas industry.
Peng Xiao said: “We are proud to join forces with ADNOC to create this new Abu Dhabi based entity that will provide the world with best-in-class, AI-based technological solutions for the oil and gas industry.”