According to ADNOC, AI raised value by $500 million in 2023

Abu Dhabi National Oil Company reported $500 million in added value from AI deployment last year, expanding its use to include over 30 tools in field operations and corporate decision-making.

The deployment of artificial intelligence by Abu Dhabi National Oil Company (ADNOC) produced $500 million in added value last year, the company announced on Tuesday. The state-owned oil major announced that it will continue to expand its use of artificial intelligence (AI), having already included more than 30 tools into processes ranging from field operations to corporate decision-making.

ADNOC said that the frequency of unplanned shutdowns has dramatically decreased and efficiency has increased thanks to an AI-linked application for remotely monitoring operational equipment. These advances enable the company to increase production capacity and provide energy with reduced carbon intensity.

According to the report, using AI might have avoided up to 1 million tons of carbon dioxide emissions between 2022 and 2023. The AI tools produced by ADNOC's AIQ joint venture with G42 are among them. In June, Reuters was informed by sources that the two businesses were in preliminary discussions on a potential partnership listing.

SMARTi, which identifies safety dangers in industrial and operational contexts, and Robowell, which remotely controls equipment and flow valves to reduce costs, improve safety, and increase production capacity, are two examples of AIQ products that ADNOC uses. The UAE's national security adviser and brother of President Sheikh Mohammed bin Zayed al-Nahyan, Sheikh Tahnoun bin Zayed al-Nahyan, is in charge of a commercial empire that includes G42, ADNOC's partner in AIQ.