The CEO of Abu Dhabi National Oil Company (ADNOC) on Tuesday delivered a bullish forecast for the energy sector to emerge stronger from the coronavirus pandemic.
Speaking at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2020 Virtual, Dr Sultan Ahmed Al Jaber, also the UAE’s Minister for Industry and Advanced Technology, said opportunities far outweigh challenges in the sector.
In his keynote address, he said that the oil and gas industry was being challenged by “strange times”.
While stressing that the oil and gas industry is facing “new questions every day”, with answers appearing “harder to find than ever before,” Al Jaber said the entire sector was unified in meeting the challenges of the pandemic, adding the industry would survive fortified.
“We are, all of us, in this together,” he said. “And together we can come through it… and emerge stronger… much stronger.”
Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of the Abu Dhabi National Oil Company (ADNOC)
“The months ahead will be challenging, and oil demand may fluctuate,” he cautioned: “But make no mistake… the long-term fundamentals of our industry remain intact.”
He added: “We expect oil demand will grow to over 105 million barrels per day by 2030 and continue to supply over half the world’s energy needs for many decades to come… At the same time, the petrochemicals sector will continue to grow at a healthy pace through and beyond 2050 in line with a steadily expanding global middle class. These are long-term positive trends, and they highlight the central role that our industry can and should play in a post-Covid recovery.”
Al Jaber also said opportunities are on the horizon for the industry to become more agile and safe with a lower cost base.
He revealed that ADNOC has already saved over $3 billion over the past four years by leveraging big data.
Al Jaber also said ADNOC would strengthen its active trading foothold, which saw it recently complete its first derivatives trade, while also expanding its downstream operations by investing to enhance the UAE’s industrial base.
Opportunity also lay in the industry’s need to do more for climate change, according to Al Jaber.
Up to 10,000 industry professionals from over 100 countries have registered for ADIPEC 2020 Virtual which runs until Thursday.
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