Current project demand requires about US$11 trillion of investments in oil and gas, according to His Excellency Dr Sultan Ahmed Al Jaber, UAE’s Minister of State and chief executive officer, ADNOC.
At an energy conference in Abu Dhabi, he said that the industry needs to continue its commitment to oil and gas infrastructure to meet the expected increase in global demand from new industries as a result of changes to the economic and business landscape.
H.E. Dr Sultan said: “Society is being transformed by the unprecedented pace of innovation. Emerging economic powers are shaping a new geo-political order and traditional concepts of commerce are being challenged by new business models.
“Yet there is one invariable. New operating models, no matter how they evolve or transform will always require energy. To meet this demand we will need an inclusive response that integrates and optimizes a fully diversified energy mix.
“In the UAE our leadership has created an eco-system that supports all forms of energy from oil and gas to renewables and nuclear. The Barakah nuclear power plant will soon produce thousands of megawatts of clean power and we are home to two of the world’s largest solar power plants.”
H.E. Dr Sultan added that for decades to come the world will still rely on oil and gas as the majority source of energy and the UAE has set ambitious targets to remain a reliable supplier to the world’s energy markets.
“About US$11 trillion of investment in oil and gas is needed to keep up with current projected demand.
“At ADNOC we are on track to achieve production capacity goals of four million barrels a day by 2020 and five million by 2030. In parallel, by tapping into gas caps, undeveloped reservoirs and unconventional resources, we are unlocking vast reserves of natural gas,” he added.
Separately, His Royal Highness Prince Abdulaziz Bin Salman Al Saud, Saudi Arabia’s new Minister of Energy, outlined the KSA’s relationship with OPEC and its plans to develop renewable and nuclear energy solutions as part of a diversified energy mix to meet demand in the future.
Speaking in his first interview in his role as Minister, he said: “Saudi Arabia’s Ministry of Energy will do everything to ensure we are efficient when it comes to oil, electricity, renewable energy and gas.
“We are so proud of what we have done so far and we will keep working hard to bring solutions. We want to be more environmentally-friendly and want to make the necessary changes to production.”
Meanwhile, His Excellency Suhail Al Mazrouei, UAE’s Minister of Energy and Industry, outlined the UAE’s ambitious goal of achieving a more sustainable and environmentally friendly future by committing to dramatically reduce its carbon footprint by 2050.
H.E Suhail Al Mazrouei said: “The UAE has delivered the first long-term energy strategy in the region that includes a huge contribution from cleaner forms of energy. Our UAE Energy Strategy is calling for 50 per cent of energy from renewables and nuclear.
“We will continue our efforts as a reliable supplier of hydro-carbons to the world, but our leadership want us to do this in a way that protects the environment, in a way where we together with our national oil company and the rest of our stakeholders reduce our carbon footprint by 70 per cent by the year 2050.
“We are encouraging all countries to diversify their energy mix to include cleaner forms of energy.”