Aramco says technology delivered $5 billion in value last year

Saudi Aramco announced that its investments in technology have generated more than $5 billion in value for the company last year. This figure surpassed the company's targets and is expected to increase in the future. Aramco's digital and information technology head, Sami Al Ajmi, explained that the realized value of technology investments includes reduced costs, improved efficiency, and enhanced response to disruptions.

These tech investments have allowed the state-controlled oil producer to identify problems, speed up recovery times, and deal with disruptions to global shipping.

Technology has also helped Aramco monitor cybersecurity threats and establish firewalls and other measures to protect against them. The company has experienced cyber attacks in the past and is currently monitoring the global threat environment. Aramco is utilizing AI to reduce the time needed to drill new wells from months to just a couple of days.

The firm's quantum computer, which is planned for use on more complex tasks, will improve well-modelling and scheduling the numerous tankers arriving and departing from its ports. Additionally, Aramco's Global Optimizer system analyzes its refining and petrochemical assets and recommends markets to prioritize, taking into account news reports, economic data, and demand signals.

Aramco's technology investments are no longer secondary to its core business; they have mushroomed into new business opportunities. While AI may eliminate some jobs, it also creates new ones that workers will need to be retrained for. Aramco has partnerships with global tech giants like Microsoft, Qualcomm, and Groq, but it remains "partner agnostic," meaning it will work with any model as needed. The company has also acquired a stake in AI firm HUMAIN, which will further bolster its technological capabilities.