❗️UAE’s AIQ signs deal to enter India’s oil and gas sector

UAE-based technology company AIQ has signed an agreement to enter India’s oil and gas sector as it accelerates efforts to expand beyond its domestic market, company executives said on Wednesday. CEO Dennis Jol said AIQ will deploy its technology across the refineries, gas stations and digital stores of an Indian oil and gas conglomerate, but declined to identify the customer.

AIQ began exporting its technology 12 to 15 months ago and now operates in North America, Kazakhstan, Egypt, Colombia, Malaysia, Vietnam and Kuwait, Jol said. Established in 2023 as a joint venture between Abu Dhabi National Oil Company (ADNOC) and Presight, AIQ uses artificial intelligence and machine learning to improve energy-sector profitability, including at ADNOC. However, most of its revenue still comes from ADNOC and AI firm G42, Presight’s majority shareholder, while 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.

AIQ is also targeting acquisitions as part of its expansion strategy, with Jol saying, "We sit on a ton of cash ... so deploying capital is definitely up front and center." The energy industry is increasingly adopting AI for cloud-based software, remote-operation automation and seismic data analysis to improve production and efficiency. AIQ’s partners include Microsoft, Nvidia, Amazon Web Services, and US oilfield services companies SLB and Baker Hughes.

(Reuters)