Adnoc joint venture AIQ in tie-up to develop AI for oil sector
Schlumberger is joining artificial intelligence company Group 42 and AIQ to develop and sell artificial intelligence products for the global exploration and production market.
AIQ is a joint venture between G42 and Adnoc to develop and commercialise AI products along with applications for the oil and gas industry.
As part of the partnership, AIQ’s data scientists and software developers will work on building AI solutions using Schlumberger’s open software platforms. This 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.
“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.