AI to ContrIbutE $2.85 bIllIon by 2020

ABU DHABI — The UAE Minister of State for Artificial Intelligence Omar Sultan Al Olama said technologies are reshaping the energy scene globally.

“Technology is going to change the impact of output and return in the energy scene globally. The factors are data, artificial intelligence and Internet of Things to name a few as well as block chain and other emerging technologies,” Al Olama said at Adipec. “Through Artificial Intelligence, all sectors are changing. Any process that is algorithmic is being disrupted by this technology. And this disruption is retuning higher yields, increasing efficiency and improving safety and security. We can use data to drive faster and accurate decisions.” The minister noted that the impact of Artificial Intelligence on oil and gas sector will be $2.85 billion by 2020.

“The impact is going to be much bigger in years to come. Higher efficiency, yield and productivity are going to give much more returns as the years go by,” he said. Leveraging Artificial Intelligence gives competitive advantage in maintenance, assets, drilling, exploration, simulation, logistics and surveying. of everything that we are doing. And we are sharpening the pencils and pushing the developers to reduce costs as we move.”

The minister noted that the UAE will be self-sufficient in gas but for that subsidy has to end.

“The Supreme Petroleum Council in Abu Dhabi has announced that the UAE will be self-sufficient when it comes to gas. And that cannot be done if you are subsidised.

Expansion of GCC power grid

AI Mazrouei also revealed plans to expand the GCC interconnected grid to include other countries.

“Connectivity with rest of neighbours is important. We are blessed today with GCC interconnected grid. We can move electricity from Oman to Kuwait in range of 2,000MW. But for security and supply reason, we are using a limited 1,000MW. More trade has been done since past three years. That gives us a hope of creating market for power trading in the GCC. We are thinking to interconnect with Jordan, Iraq and Egypt.”

However, he mooted need for reforms in the sector. “Price is important. We need to be competitive if we want to develop this sector. Some reforms need to happen to tariff down the road. We have consumers who are using 20 to 30 times the average. We need to encourage slab system and efficiency improvement. Every time we tap into a challenge, we discover an opportunity,” he added.