AIQ & BEYOND LIMITS INK AGREEMENT FOR INNOVATION IN OIL & GAS THROUGH AI
13 DECEMBER 2021
Companies sign Memorandum of Understanding at ADIPEC 2021 to jointly boost innovation and AI commercialization to support oil and gas organizations in the UAE
AIQ, ADNOC’s Artificial Intelligence (AI) joint venture with Group 42, and Beyond Limits, a pioneer in industrial and enterprise-grade AI technology, signed a Memorandum of Understanding to explore collaboration in the development of new AI solutions that accelerate energy transition for the oil & gas industry.
The partnership will support both companies’ innovation efforts in AI to empower organizations in the energy sector to boost performance, optimize operations and increase revenues. It will also see AIQ and Beyond Limits collaborate on advancing the commercialization of AI in a way that delivers a positive impact across the oil & gas value chain.
The Memorandum of Understanding was signed during the groundbreaking Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2021 by Omar Al Marzooqi, CEO of AIQ and AJ Abdallat, CEO of Beyond Limits.
AIQ and Beyond Limits will leverage each other’s regional and global footprints, technology portfolios and partnerships, to expand and scale on a global level.
Omar Al Marzooqi, CEO of AIQ said: “This collaboration will allow both companies to strengthen their portfolios of enterprise grade AI solutions for the energy industry. We truly believe that AIQ’s and Beyond Limits’ experiences in delivering tailor-made applications will accelerate digital transformation and energy transition in the UAE and beyond. We welcome Beyond Limits as our new partner and look forward to jointly deliver breakthrough cognitive AI solutions across the whole Oil & Gas value chain .”
AJ Abdallat, CEO of Beyond Limits, said: “We are very excited about this collaboration with AIQ, through which we will work to enable the wider oil and gas industry to become more agile and effective, through the use of AI. The new avenues of advanced technology we will explore together with AIQ will unlock efficiencies across the entire oil and gas value chain. We trust our collaboration will accelerate the development of new AI solutions that shall optimize processes, improve planning and increase profitability of oil and gas organizations.”
Kenneth Habson, Managing Director EMEA of Beyond Limits, said: “Research and development is a key priority for Beyond Limits in the region, as we look to stimulate innovation in AI, accelerate the adoption of advanced technologies and further digitize the value chain of the oil & gas industry to enhance efficiencies and performance. We align with AIQ to achieve these goals and believe our collaboration will create a solid platform to empower the commercialization of AI and help raise awareness among decision makers of the value that AI brings to solving some of the most pressing challenges organizations face in the industry.”
The Memorandum of Understanding is aligned with UAE Strategy for Artificial Intelligence, and to increase AI innovation and capabilities to enable the digitization of different industries and support the realization of the digital economy. AIQ and Beyond Limits’ capabilities will deliver fruitful results for AI innovation, technological development and digital transformation of traditional oil & gas organizations in UAE and beyond.
LEARN MORE ABOUT BEYOND LIMITS OIL & GAS SOLUTIONS HERE.
AIQ is a joint venture between ADNOC and Group 42. This joint venture is built on ADNOC’s world class industry know-how and cutting-edge facilities along with Group 42’s elite data scientists and AI modelling capabilities. Across the entire value chain, AIQ efficiently collects, categorizes, and models data allowing for smarter, safer, and more informed decision making.
Founded in 2020, AIQ was able to rapidly grow its team of world-class professionals, including more than 16 PhDs all in Abu Dhabi, UAE. AIQ uses its own data management platform – E-Novus, which incorporates four dedicated suites of applications – Drill-Novus, Geo-Novus, Opti-Novus and Eco-Novus, covering every domain of Oil & Gas enterprises looking to accelerate digital transformation and energy transition.
About Beyond Limits
Beyond Limits is an industrial and enterprise-grade artificial intelligence company built for the most demanding sectors including energy, utilities, and healthcare. Beyond traditional artificial intelligence, Beyond Limits’ unique Cognitive AI technology combines numeric techniques like machine learning with embedded human knowledge to provide clear, reliable recommendations. Customers implement Beyond Limits AI to boost operational insights, improve operating conditions, enhance performance at every level, and ultimately increase profits as a result. Beyond Limits EMEA is currently headquartered in Dubai, with operations across the region.
Founded in 2014, Beyond Limits leverages a significant investment portfolio of advanced technology developed at Caltech’s Jet Propulsion Laboratory for NASA space missions. The company was recently honored by Frost & Sullivan as a Company of the Year for their 2021 Best Practices Award and by CB Insights on their 2020 List of Top 100 Most Innovative Artificial Intelligence Startups.