Abu Dhabi National Oil Company’s artificial intelligence unit, AIQ, is going into partnership with US-based Baker Hughes to boost efficiency in drilling operations.
As part of the agreement, the two companies will collaborate on the development and commercialisation of AI products for improved efficiency of oil and gas operations in the upstream sector, according to a statement from AIQ on Thursday.
“AI plays an instrumental role in enabling smarter, more efficient and sustainable growth for energy producers such as Adnoc as well as the wider oil and gas industry,” Omar Al Marzooqi, chief executive of AIQ, said.
The project will initially focus on developing AI solutions for Adnoc's drilling activity as it ramps up its crude production capacity to 5 million barrels per day by 2030.
The agreement with AIQ “not only builds on our long-standing partnership with Adnoc and Adnoc Drilling, but it also provides us with the opportunity to develop, deploy, and commercialise solutions to transform core oil and gas operations for a better energy future,” Maria Claudia Borras, executive vice president of Oilfield Services at Baker Hughes, said.
AIQ, a joint venture between Adnoc and Abu Dhabi’s Group 42, is working on a number of key AI projects across the oil and gas value chain such as drilling performance, reservoir modelling, corrosion detection, and product quality.
The move comes as Adnoc awards $6 billion worth of contracts to different companies including Baker Hughes to help it boost drilling activity and increase production.
Al Ghaith Oilfield Supplies & Services Company, UAE agents for Baker Hughes, along with Gulf Automation Services & Oilfield Supplies, UAE agents for TechnipFMC, won a contract valued at $3.27bn to supply drilling components to Adnoc.
Other companies including Schlumberger Middle East and Weatherford Bin Hamoodah company also secured major contracts.
Set-jetting on the Emerald Isle
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UAE%20FIXTURES
MATCH INFO
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Where: Anfield, Liverpool
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Men:
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2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
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COMPANY%20PROFILE
Global state-owned investor ranking by size
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1. |
United States |
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China |
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UAE |
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Japan |
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Norway |
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Dust storm
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- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
RESULTS
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The details
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The%20specs%20
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
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