His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company (ADNOC), today, reaffirmed the commitment of the United Arab Emirates to maintaining and promoting a fully diversified energy mix and remaining a reliable supplier to global energy markets at the 24th World Energy Congress taking place in Abu Dhabi.
Addressing global energy leaders and policymakers, H.E. Dr. Al Jaber detailed the mega trends impacting the rise in energy demand driven by population growth and the spending power of middle class consumers.
“Over three times the amount of energy currently consumed by all of Europe will be added to global energy demand in the next two decades. To meet this demand, we will need an inclusive response that integrates and optimizes a fully diversified energy mix.
“Here in the UAE, our leadership has created an ecosystem that supports all forms of energy, from oil and gas to renewables and nuclear energy. Having said that, we know that the world will still rely on oil and gas as the majority source of power for many decades to come. At ADNOC, we are on track to achieving our production capacity goals of 4 million barrels of oil per day by 2020 and 5 million by 2030. In parallel, by tapping into gas caps, undeveloped reservoirs and unconventional resources, we are unlocking vast reserves of natural gas,” H.E. Dr. Al Jaber said.
With about US$ 11 trillion of investment in oil and gas needed to keep up with current projected demand, H.E. Dr. Al Jaber highlighted that the UAE leadership has set ambitious targets to remain a reliable supplier to the world’s energy markets.
H.E. Dr. Al Jaber added that in a world that needs more energy with fewer emissions, ADNOC will continue to prioritize reponsible production as it expands its operations.
“We produce among the least carbon-intensive barrels in the world. We lead the industry with the lowest methane intensity, and we are investing in technology that captures significant amounts of carbon dioxide from industrial sources. We launched the region’s first commercial-scale carbon capture utilization and storage facility in 2016 and over the next decade, we will expand this program six times,” H.E. Dr. Al Jaber said.
H.E. Dr. Al Jaber concluded by stressing that meeting the world’s energy needs responsibly and economically will require a renewed spirit of partnership. He noted that this includes partnerships with new sets of investors, who value long-term sustainable returns; partnerships between energy companies where best practices are shared, technology is leverage, and capital efficiency is maximized; and partnership between consuming and producing nations that recognize the shift in demand from West to East.
“Given our location, the UAE is perfectly positioned to cater for the new frontiers of market growth. We stand ready to forge strategic, value-add, commercial partnerships with governments, industry leaders, and innovators across the entire energy sector. By working together, we will stay ahead of demand, we will protect our environment, and there is no limit to the opportunities we can unlock,” H.E. Dr. Al Jaber said.
The World Energy Congress is the world’s largest and most influential energy event covering all aspects of the energy agenda with delegates from over 150 countries. The triennial event which started in 1924 is organized by the World Energy Council and is taking place in the Middle East for the first time.
Others taking part in the congress included H.E. Suhail Mohamed Al Mazrouei, UAE Minister of Energy and Industry; H.E. Nasser bin Thani Al Hameli, UAE Minister of Human Resources and Emiratisation; H.E. Omar bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence; HRH Prince Abdulaziz Bin Salman Al Saud, State Minister of Energy Affairs of Saudi Arabia; H.E. Alexander Novak, Minister of Energy of the Russian Federation; H.E. Aziz Rabbah, Minister of Energy, Mines and Sustainable Development of Morocco; H.E. Bento Alburquerque, Minister of Mines & Energy of Brazil; H.E. Hala Zawati, Minister of Energy & Mineral Resources of Jordan; H.E. Shaikh Mohamed bin Khalifa bin Ahmed Al Khalifa, Minister of Oil of Bahrain; H.E. Tarek El Molla, Minister of Petroleum and Mineral Resources of Egypt – among other leading government and business figures.