ADNOC says AI added $500 million of extra value in 2023

A person walks past a Abu Dhabi National Oil Company (ADNOC) poster during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, October 31, 2022. REUTERS/Amr Alfiky/file photo

DUBAI (Reuters) - Abu Dhabi National Oil Company (ADNOC) generated $500 million of additional value in 2023 by using artificial intelligence, the company said on Tuesday.

"The value was generated from the integration of over 30 industry-leading AI tools across ADNOC's full value chain, from field operations to smarter and quicker corporate decision making," ADNOC said in a statement.

The use of AI also prevented up to 1 million tons of carbon dioxide emissions between 2022 and 2023, the state oil giant said.

"As we grow our diversified portfolio to ensure secure, reliable and responsible supply of energy, we are further integrating AI to future-proof our business and drive greater and more sustainable value from our assets and resources," group chief executive Sultan Al Jaber said in the statement.

AI tools used by ADNOC include ones developed by AIQ, a joint venture with Abu Dhabi artificial intelligence company G42.

AI is being applied to ADNOC operations including production activities, reservoir management and growing capacity, Chief Technology Officer Sophie Hildebrand said.

"Many of these initiatives generated greater automation, optimisation of our processes, they improve efficiency, they've helped us make improvements to cap ex, op ex, working capital, production ... really, things that you can touch and measure," Hildebrand said.

"The ability for us to do more and more is growing as the technology grows," she said, adding that she expected the value generated by AI to rise but declining to provide figures.

(Reporting by Yousef Saba; Editing by Kirsten Donovan)

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