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MEED 8 October 2020	(Last Updated October 8th, 2020 16:04)
Abu Dhabi National Oil Company (Adnoc) has announced the launch of AIQ, its artificial intelligence (AI) joint venture (JV) company with Group 42 (G42), an Abu Dhabi-based AI and cloud computing company.
The completion of the formation of AIQ follows the signing of the JV agreement between Adnoc and G42 in November 2019, with Adnoc holding a 60% stake and G42 the other 40% stake in the firm.
"AIQ will focus on developing and commercialising AI products and applications for the oil and gas industry," Adnoc said on 7 October.
"The partnership brings together G42's expertise in AI modelling, supercomputing and its world-class team of data scientists and software engineers with Adnoc's world-class oil and gas industry know-how, domain experts and its vast amount of data," the statement added.
The chairman of the AIQ board of directors is Abdulmunim Saif al-Kindy, who is executive director – people, technology & corporate support directorate at Adnoc, and was previously head of the upstream directorate.
Peng Xiao (G42), Mansoor Ibrahim AlMansoori (G42), Ahmed al-Kuttab (Adnoc) and Alan Nelson (Adnoc) have been appointed as board members. AIQ has started work on a number of key AI projects across the oil and gas value chain such as drilling performance, reservoir modelling, corrosion detection and product quality. The scope of projects will be expanded to other areas as the JV progresses, Adnoc said.
This article is published by MEED, the world's leading source of business intelligence about the Middle East. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED's Middle East business intelligence, subscribe here.
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