ADNOC claims that in2023, AI increased value by $500 million.

ADNOC claims that in2023, AI increased value by $500 million.

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, on Oct 31, 2022. (Photo: REUTERS/Amr Alfiky)

DUBAI: The Abu Dhabi National Oil Company (ADNOC) reported on Tuesday that it used artificial intelligence to create an extra $500 million in value in 2023.

"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," the company stated in a statement.

According to the national oil firm, the application of AI might also avert up to 1 million tons of carbon dioxide emissions between 2022 and 2023.

"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," Sultan Al Jaber, group chief executive officer, stated the assertion.

ADNOC uses artificial intelligence (AI) capabilities created by AIQ, a joint venture with the artificial intelligence startup G42 in Abu Dhabi.

ADNOC operations, such as production tasks, reservoir management, and capacity expansion, are utilizing artificial intelligence (AI), according to Chief Technology Officer Sophie Hildebrand.

"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 stated.

"As technology advances, so does our ability to do more and more," she remarked, adding that although she declined to give specific numbers, she anticipated that AI would produce greater value.