Dr Sultan Ahmed Al Jaber, UAE Minister of State and group CEO of the Abu Dhabi National Oil Company (Adnoc), on Monday said he was committed to maintaining and promoting a fully diversified energy mix as the UAE continues to diversify away from reliance on oil.
Speaking at the 24th World Energy Congress taking place in Abu Dhabi, 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," he said.
He added: “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."
Adnoc is on track to achieving its 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, it is also unlocking vast reserves of natural gas, Al Jaber told the audience.
With about $ 11 trillion of investment in oil and gas needed to keep up with current projected demand, he highlighted that the UAE leadership has set ambitious targets to remain a reliable supplier to the world’s energy markets.
“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,” added Al Jaber.
He said the UAE stands 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,” 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 organised by the World Energy Council and is taking place in the Middle East for the first time.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.