Abu Dhabi National Oil Company (ADNOC) has joined forces with AI companies G42 and Presight Partner to accelerate AI solutions in the energy sector.
As part of the alliance, the companies have announced a restructuring of the shareholding of AIQ, an AI joint venture between ADNOC and G42.
The deal will see Presight acquire a 51% stake in AIQ, while ADNOC will maintain the remaining 49% share.
ADNOC and G42 launched AIQ in 2020 to focus on developing and commercialising AI solutions for the oil and gas industry.
At the time, ADNOC owned a 60% stake in AIQ and G42 owned the remaining 40%.
Now valued at more than $1.4bn, AIQ is set to continue as an independent entity, with a focus on developing AI-powered solutions that can revolutionise energy operations.
As part of the transaction, ADNOC will exchange 11% of its AIQ shareholding for a 4% stake in Presight, currently owned by G42.
The completion of this deal is contingent upon approval from Presight’s shareholders and regulatory bodies.
The collaboration is expected to synergise AIQ’s oil and gas-focused AI capabilities with Presight’s expertise in big data analytics and product development.
It aims to position AIQ as a leading organisation in energy-centric AI solutions, expanding its reach into international markets and enhancing its product offerings.
AIQ’s portfolio includes more than 20 AI applications and 16 patents, with its AI tools already being deployed by ADNOC across its operations.
These tools are said to aid in emissions reduction, safety improvements and operational efficiency, laying the groundwork for AIQ’s future growth and commercial success.
ADNOC managing director and group CEO and United Arab Emirates (UAE) Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber said: “The UAE has embraced AI to drive productivity, economic growth and social advancement, with ADNOC laser-focused to become the world’s most AI-enabled energy company, delivering smarter, cleaner and safer energy to the world.
“Our partnership with Presight will further AIQ’s capabilities, advance ADNOC’s ambition to pioneer technology and AI to build the energy system of tomorrow, with data integration from the control room to the board room. Through this collaboration, I am confident that AIQ will become the energy industry’s leading AI company, delivering enhanced value to Abu Dhabi and the UAE.”
Earlier this week, ADNOC Gas awarded a contract to Gecko Robotics to deploy the latter’s robotic technology and AI-powered data platform across ADNOC Gas’ operations.
