Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) is pioneering cutting-edge technologies such as artificial intelligence (AI) to propel the industry forward.
This strategic vision not only encompasses Aramco's core operations but also extends to broader applications, positioning the company as a trailblazer in the sector, according to a report from Technology Foresights, an innovation intelligence platform by GlobalData.
Despite facing formidable obstacles, including geopolitical tensions and market fluctuations, Saudi Aramco has continued to demonstrate an unwavering commitment to innovation.
The company's investment in research and development (R&D) soared to approximately $3.5 billion in 2023, marking a remarkable 15% annual increase.
GlobalData's Technology Foresights has identified over 250 areas of innovation associated with Aramco, spanning disruptive technologies such as AI, drones, robotics, electric vehicles (EVs), and hydrogen technology.
These initiatives underscore Aramco's proactive stance in embracing the evolving landscape of the oil and gas industry.
Aramco has fortified its cybersecurity capabilities to mitigate the escalating cyber threats that have plagued the sector in recent years. This comprehensive approach to innovation underscores Aramco's determination to stay ahead of the curve and maintain its position as a global leader in the energy sector.
Sourabh Nyalkalkar, Practice Head of Innovation Products at GlobalData, said: “Technology Foresights throws light on Aramco’s AI innovation strategy. The innovation leadership map reveals how the company is employing AI in its core operations and selectively prioritising the adoption of AI innovations in specific areas of its business.”
“A recently published patent application clearly demonstrates this usage, describing the deployment of drones in sub-surface terrain to capture images. These images are then analysed using machine learning (ML) algorithms to detect oil spills and pollutants,” Nyalkalkar added.
He continued: “Aramco is also betting on futuristic technologies. The company is closely monitoring the startup ecosystem and has in the recent past invested in several companies such as Pragmatic, which develops flexible semiconductor chips, and Sunrate, a fintech company.”
Earlier in April, Aramco signed a memorandum of understanding (MoU) with China-based Hengli Group for a potential acquisition of a 10% stake in its controlled subsidiary Hengli Petrochemical Company.
The energy giant reported a 24.71% year-on-year (YoY) plunge in net profit to SAR 454.76 billion in 2023 from SAR 604.01 billion.
