Adnoc claims AI generated $500m in extra value

Wam

• AI used ‘from control room to boardroom’
• Vital for net zero says Sultan Al Jaber
• Company making ‘smarter decisions’

The Abu Dhabi state oil company Adnoc said it generated $500 million (AED1.84 billion) in extra value by using artificial intelligence solutions in 2023.

The energy major has deployed more than 30 AI tools across its value chain, from field operations to corporate decision-making, in an effort to increase efficiency and productivity.

“We have integrated artificial intelligence from the control room to the boardroom,” said Adnoc CEO Sultan Al Jaber.

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“It enables us to make smarter decisions and better protect our people and the environment.”

Al Jaber believes AI is one of the most important economic and social game changers and can accelerate a just, orderly and equitable energy transition.

Adnoc said AI applications support the company’s net-zero-by-2045 ambition and its target to achieve near-zero methane emissions by 2030. 

They allowed the company to abate up to one million tonnes of carbon dioxide  emissions between 2022 and 2023, the equivalent of removing around 200,000 gasoline-powered cars from the road, Adnoc said on Tuesday.

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Adnoc uses AI in its upstream facilities to map subsurface resources, optimise drilling and production activity, and use smarter reservoir management to increase its production capacity.

AI also helps to reduce the number of unplanned shutdowns and streamlines routine maintenance activity.

The value of global AI in the oil and gas market is expected to reach around $2.9 billion by 2030, a compound annual growth rate of 17 percent, according to Fairfield Market Research in London.

Oil companies invest in technologies including AI, robotic automation, advanced data analytics, cybersecurity, the Internet of Things, and cloud computing to push production while reducing costs.

This week Saudi Aramco launched generative artificial intelligence model Metabrain AI.

AI investments in the industry globally account for 1 to 2 percent of total investment but result in an average 32 percent return on investment, Fairfield said.

Google, IBM, SAS, Accenture, Oracle, Siemens, Intel and GE are among the leading players in global AI in the oil and gas market.