ADNOC creates JV with compatriot artificial intelligence company

  • Business & Finance

The Abu Dhabi National Oil Company (ADNOC) has signed an agreement with artificial intelligence (AI), cloud, and supercomputing company Group 42 to establish a joint venture to develop and commercialize AI products for the oil and gas industry.

Image source: ADNOC

ADNOC said on Tuesday that the new company would be established as a separate legal and operating entity.

The agreement was signed at the Abu Dhabi International Petroleum Exhibition and Conference by ADNOC’s director of the executive office directorate Omar Suwaina Al Suwaidi and CEO of G42 Peng Xiao.

The signing of the agreement was also attended by Ahmed Al Jaber, the UAE Minister of State and ADNOC Group’s CEO.

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.”

According to the company, the partnership will enable ADNOC to leverage G42’s sophisticated CPU and GPU-based computing clusters, software engineers, and domain experts.

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.

Xiao added: “This partnership will enable us to further develop the advanced AI tools required by ADNOC and other leading oil and gas companies to become more efficient, enhance their performance and empower their people, as they deliver the energy required for future economic growth.”

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