Adnoc-backed AIQ secures deal to enter India's oil and gas markets

United Arab Emirates-based technology company AIQ has signed ​an agreement to enter India's oil and gas sector as ‌it steps up efforts to expand beyond its home market, company executives said on Wednesday.

AIQ will deploy its technology across the refineries, gas stations and digital stores of an Indian oil and gas conglomerate, Chief Executive Officer Dennis Jol told a media briefing, declining to identify the customer.

AIQ began exporting its technology 12 to 15 months ago and now operates in markets including North America, Kazakhstan, Egypt, Colombia, Malaysia, Vietnam and Kuwait, ‌Jol said.

Formed in 2020, AIQ is a joint venture between Abu Dhabi National Oil Company and Presight. It uses artificial intelligence and machine learning to help improve profitability in the energy industry, including at ADNOC.

 

However, AIQ still derives most of its revenue from ADNOC. All other customers account for about 5% of its ​business.

"At the end of the day, you need an entry into this international market, ‌which we are trying to focus on right now," Chief Technology Officer Saravan Penubarthi said.

The energy industry is increasingly ​adopting ‌AI for cloud-based software, automation of remote operations and seismic data analysis ‌to improve production and efficiency.

AIQ also aims to pursue acquisition opportunities as part of its expansion strategy. "We sit on a ‌ton ​of cash ... so ​deploying capital is definitely up front and center," CEO Jol said.

AIQ's partners include Microsoft, Nvidia, Amazon Web Services, and ‌US oilfield services ​providers SLB and Baker Hughes.