UAE has set targets to remain a reliable supplier of energy to global markets as the world energy demand continues to grow, UAE Minister of State and ADNOC CEO said.
His Excellency Dr. Sultan Ahmed Al Jaber detailed the mega trends impacting the rise in energy demand driven by population growth and the spending power of middle class consumers at an energy event in Abu Dhabi.
“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 optimises a fully diversified energy mix,” he said.
“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 prioritise responsible 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 utilisation 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 stressed 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 maximised; and partnership between consuming and producing nations that recognise 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.