Abu Dhabi’s Hub71 is partnering with AIQ, a joint venture between Adnoc and Group 42, to explore new artificial intelligence solutions for the oil and gas industry and develop new AI solutions that support a sustainable energy future. As part of the agreement, Hub71 and AIQ will work together to advance the development of innovative digital technology to “unlock greater value from oil and gas operations” and help the energy industry become more sustainable, the companies said in a statement on Tuesday.
Both companies will accelerate the development of digital technologies to unlock greater value from oil and gas operations and define a more sustainable and carbon-efficient future for the oil and gas sector. “Tomorrow’s world will be driven by AI technology that continues to enhance and transform many economic sectors like energy and industry,” Badr Al-Olama, acting chief executive of Hub71, said. “Our partnership with AIQ comes at a time when we are attracting tech start-ups to the nation to deepen the expertise and knowledge while promoting a net-zero future for all.”
Through this partnership, Hub71 will be able to connect AIQ to its tech ecosystem and organize one-on-one meetings with entrepreneurs developing future energy technology solutions for the oil and gas industry. In exchange, AIQ will provide them access to its E-Novus platform, which is a data management tool for oil and gas companies looking to expedite their digital transformation and energy transition.
Fully decarbonizing the global energy system will require between $92 trillion and $173tn of investments in energy infrastructure between 2020 and 2050. Even single-digit percentage gains in flexibility, efficiency, or capacity in clean energy and low-carbon infrastructure systems can therefore lead to trillions of dollars in value and savings, the report stated.
Omar Al Marzooqi, chief executive officer, AIQ, added: “AI solutions are critical to the future sustainability of the oil and gas industry. AIQ’s collaboration with Hub71 will enable a strong networking platform for Hub71’s start-up tech companies to participate in ADNOC’s and the wider oil and gas industry’s digital transformation and support the growing status of Abu Dhabi as a global center for next-generation industrial development.”
AIQ is working on key AI projects across the oil and gas value chain such as drilling performance, reservoir modeling, corrosion detection, and product quality. Last year, it announced a partnership with US-based Baker Hughes to boost efficiency in drilling operations.
Meanwhile last month, Hub71 accepted 16 start-ups to join its community as part of accelerating the emirate’s position as an innovation hub. The accepted cohort includes early-stage start-ups with representation from technology hubs including the UK, US, and South Korea.
