Saudi Arabia · Abu Dhabi · OpenAI · China · Iran · United Arab Emirates · Fortune Technology
ADNOC to expand AI tap across its operations to strengthen resilience
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Many of the biggest names in the oil and gas industry have converged on Abu Dhabi this week to attend the emirate’s flagship annual energy conference, ADIPEC, with energy security a priority as the industry grapples with ongoing supply disruptions amid heightened geopolitical tensions.
Key facts
- Adjusted net income in the third quarter was $31.2 billion, comfortably beating a $28.7 billion analyst consensus estimate compiled by Bloomberg
- Key among these was a preliminary terms agreement between the Oman sovereign wealth fund and China’s Silk Road Fund to establish a joint investment fund with capital of 307.6 million Omani rials (RO)
- Despite the attacks, supply reliability was 97.8% in the quarter, down from 99.9% a year earlier and 98.4% in the second quarter
- Saudi Arabia’s oil production stood at around 8 million barrels per day (bpd) in September, down from over 10 million bpd before the war, according to secondary sources cited in OPEC’s latest monthly
Summary
Oman and China strengthen commercial ties, establish $800 million joint investment fund. And, the three they enjoyed reading this week. Concerns over renewed U.S. strikes on Iran and the prospect of retaliatory action by Tehran have gripped oil markets in recent days. But overall, the turnout has been strong, with heavyweights such as BP’s CEO Meg O’Neill, Baker Hughes CEO Lorenzo Simonelli, and Halliburton’s chairman and CEO Jeff Miller, all flying in to speak at the event.