-fbdc28a3-c869-45dc-bd2e-eec0644d3169.jpeg)
Abu Dhabi, November 16 (BNA) The 37th edition of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) was launched on November 15-18 under the patronage of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates.
The Emirates News Agency (WAM) reported that His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, attended the opening ceremony.
Commenting on the event, His Highness Sheikh Mansour said ADIPEC tops the list of leading events in the energy world. “ADIPEC is the world’s most influential meeting point for oil, gas and energy professionals. This event reaffirms the pioneering position that the UAE takes pride in shaping the future of the global economy.”
The Minister of Energy and Infrastructure, Dr. Sultan bin Ahmed Al Jaber, said that investing in low-carbon oil and gas is necessary to ensure global energy security during the energy transition.
Dr. Al Jaber began his remarks by noting that current market dynamics have highlighted the world’s dependence on oil and gas.
“As economies recover from the Covid-19 pandemic, at the fastest rate in fifty years, demand has outpaced supply. After nearly a decade of underinvestment in our industry, the world has fallen asleep in a supply crunch.”
“The oil and gas industry will have to invest more than $600 billion every year until 2030 to keep pace with projected demand,” Dr. Al-Jaber added.
Dr. Al Jaber noted that renewable energy is the fastest growing sector in the energy mix, but oil and gas still represent the largest portion and will remain so for decades to come.
“In short, the future is coming, but it is not here yet,” Dr. Al-Jaber confirmed. “We must make progress through pragmatism. If we are to successfully transition to tomorrow’s energy system, we cannot simply disconnect the current energy system. We cannot just flip a switch.”
Dr. Al Jaber said that the world should prioritize investing in the most cost-effective and carbon-efficient barrels, as he explained how ADNOC is decarbonizing its operations and embracing the energy transformation by following the wise guidance of the UAE leadership.
“We will soon introduce a new first for our industry. From January, up to 100% of our grid power will come from clean, nuclear and solar sources. In one step, this will dramatically reduce ADNOC’s operational emissions. It brings us more than one – a third way toward Our goal for carbon intensity for 2030. Most importantly, it will make a practical contribution to the UAE’s net zero strategic initiative by 2050, not years from now, but within weeks,” said Dr. Al Jaber, referring to ADNOC’s recently concluded clean energy partnership. With the Emirates Electricity Water Company (EWEC).
As part of ADNOC’s 2030 sustainability goals, the company aims to reduce greenhouse gas intensity by 25% to remain one of the lowest carbon emissions in the oil and gas industry.
Dr. Al Jaber added that ADNOC is also working to improve its costs and increase its value through exploration, production and refining, as it works to reduce its carbon intensity. He highlighted ADNOC’s recent achievements, including the initial public offering (IPO) of Fertiglobe, the world’s largest shareholder-owned fertilizer exporter, and ADNOC Drilling. The IPO of ADNOC Drilling was the largest so far in the history of the Abu Dhabi stock exchange and was oversubscribed more than thirty times.
Dr. Al Jaber said: “This week, we will pass a major milestone with the Murban futures contract we launched in March, trading more than 1 billion barrels of Abu Dhabi’s main low-carbon crude.
“All of these achievements have been completed despite the complexities of the global pandemic and are strong evidence of one thing – the investment case in our industry is strong, dynamic and vibrant.”
Dr. Al Jaber continued to extend an open invitation to partnership across the UAE energy system, noting that the nation is open to business. He cited partnership opportunities in the downstream sector by promoting, ADNOC’s joint venture with Abu Dhabi Qatar, which is accelerating the development of the petrochemicals and derivatives industry in Abu Dhabi.
Regarding hydrogen, Dr. Al Jaber said that ADNOC is continuing to implement its plans, and after four successful shipments to Japan and South Korea this year, the UAE is well positioned to become a major producer and exporter of blue hydrogen.
Dr. Al-Jaber added that if the world wanted to solve the dilemma of the energy transition, solutions would be found where there is expertise in the field of energy. He highlighted the enormous economic opportunity that the transformation of the oil and gas industry provides.
“Reconnecting the energy system is a multi-trillion dollar business opportunity that is good for the climate, good for humanity, and good for economic growth. These are the primary reasons why the UAE is excited to host COP28 in 2023. We will. The Forum is a catalyst for solutions Practical, commercial and sustainable energy. Climate-friendly and pro-growth solutions.”
Dr. Al-Jaber called for the establishment of partnerships in the field of energy transfer and said that the UAE is open to partnerships that can enhance the energy transition.
“As the UAE prepares to celebrate its golden jubilee, our leadership has released a blueprint for sustainable growth called the Fifty Principles. This vision of our future economic development is based on the spirit of partnership. I see potential for partnership at every turn. For those of you who are already our partners, I believe there is a lot Which we can do together. For those who haven’t worked with us yet, come and explore the opportunities.”
At the conclusion of his speech, Dr. Al-Jaber stressed that the energy transition will take time, and we must invest in the energy that the world needs today while we build the energy system of tomorrow.
MI