The agreement brings together three companies that will proactively collaborate in the development of innovative and forward-looking technology solutions. AIQ is a joint venture in Abu Dhabi between G42 and the Abu Dhabi National Oil Corporation (ADNOC), which specializes in the development of AI products and applications for the global oil and gas industry, and G42 is a leading AI and cloud computing company based in Abu Dhabi. Schlumberger is the world leader in digital technology and solutions for reservoir characterization, drilling, production and processing for the energy industry. Ownership of the borrowed securities passes from the lender to the borrower. The borrower has certain rights, for example. B the right to sell or borrow from another borrower, general participation meetings. The borrower is entitled to economic benefits, such as dividends. B, but the SLB agreement with the lender requires the borrower to make equivalent payments to the lender. A securities lender no longer owns securities and is not entitled to vote. Lenders reserve the right to recall securities from the borrower and must exercise this option if they wish to vote. As part of the agreement, the three companies will use their combined knowledge in the areas of digital technology, high-performance computing and cloud storage to develop and market leading AI products in the global upstream exploration and production market. HOUSTON, June 15, 2020 – Schlumberger announced today that it has entered into a cooperation agreement with China Petroleum Logging Co.
Ltd (CNPC Logging), a subsidiary of China National Petroleum Corporation (CNPC), for the joint production of wirehole technology in China. The agreement will strengthen commercial and technical cooperation between the two companies and fulfill Schlumberger`s commitment to provide access to technology in key basins. Li Jianhao, President, CNPC Logging, commented: «CNPC Logging and Schlumberger have reached an agreement to start co-producing thrubit logging tools that mark a historic milestone in the relationship between the two companies. With the increasing number of horizontal wells carried out each year by CNPC, the ThruBit platform has become essential to our reservoir assessment strategy. In today`s low oil price environment, this partnership is more important than ever, and this new business model will help us achieve mutual benefits. I look forward to strengthening the collaboration between our management and our technical teams to continue to provide high quality products to further improve the efficiency and performance of CNPC`s oil fields. The cooperation agreement will provide CNPC Logging with a license to manufacture basin-shaped yarn technology. As part of the agreement, Schlumberger will support CNPC Logging in the production and maintenance of activities for thruBit-through-the-bit-logging technology at the CNPC Logging Technology Center in Xi`an, Shaanxi Province. Bruce Cutright, MANAGING director of TEP, said, «We are delighted with this partnership.» The new company`s first project will be the 10-megawatt (MW) geothermal project on the Caribbean island of Nevis.
According to Schlumberger, STEP Energy has other opportunities to expand production in the Eastern Caribbean, as well as in North and South America. Ahead of the official opening of the Abu Dhabi International Petroleum Conference (ADIPEC), Abdulmunim Saif Al Kindy, President of the AIQ Board, said: «We are pleased to be working with Schlumberger and Group 42 to develop first-class digital and ia technology solutions for the global oil and gas industry.