While Artificial Intelligence (AI) has already begun to transform industries like retail and finance, "it is now being applied to the energy sector ...minimizing disruptions, balancing supply and demand and optimizing costs," said Sultan Ahmed Al-Jaber, United Arab Emirates (UAE) Minister of State and Group CEO of Abu Dhabi National Oil Company (Adnoc).
Speaking at the second Atlantic Council Global Energy Forum in Abu Dhabi, Dr Al-Jaber said "the energy sector must become more flexible, nimble and responsive and engage with non-traditional partners, beyond the industry, to deliver creative solutions to meet the world's growing energy needs."
"Fortunately, we are entering an era where technology has the potential to keep us ahead of the curve," he added. "AI has already begun to transform industries as diverse as manufacturing, retail and finance. Now, it is being applied to the energy sector, where the possible benefits include minimizing disruptions, balancing supply and demand and optimizing costs."
Highlighting the role AI and Big Data (the technology to efficiently store data whose size goes beyond existing storage capacities) are playing in Adnoc's ongoing transformation.
Al-Jaber said the oil and gas producer is exploring how AI can help enhance efficiencies, make the organisation more agile and drive higher performance.
AI and Big Data can also leverage predictive data at Adnoc, he said.
Adnoc is the Abu Dhabi government-owned entity which runs the oil fields in the UAE territory of the Persian Gulf and the desert of Abu Dhabi, home of around 7 percent of the world's known reserves of the "black gold."
The two-day Atlantic Council Global Energy Forum has brought together over 350 energy experts from the region and around the world.
Editor: Yaling
