The Minister of State and CEO of Abu Dhabi National Oil Company (ADNOC) and its group of companies, Dr. Sultan bin Ahmed Al Jaber, confirmed the UAE's commitment to building a diverse mix of diverse energy sources and its role as a reliable energy supplier to global markets.
Addressing the opening of the 24th session of the World Energy Conference, Al-Jaber outlined the main trends affecting the increase in energy demand, including increasing population growth and rising spending capacity of middle-class consumers.
"In the next two decades, global energy demand will rise more than three times the amount of energy Europe currently consumes. To meet this demand, the world needs a comprehensive response based on a more diverse mix of energy sources," he said.
“With the guidance and support of the leadership, the UAE has succeeded in creating an integrated system that encompasses all forms of energy, from oil and gas, to renewable energy and nuclear power. Since the world will remain dependent on oil and gas as a major source of energy for decades to come, ADNOC is pursuing plans to increase crude oil production capacity to 4 million barrels per day by 2020 and to 5 million barrels per day by 2030. We are also working on “To invest huge reserves of natural gas through an integrated plan to develop gas caps, undeveloped gas reservoirs, as well as unconventional resources.”
Al Jaber pointed out that the UAE leadership has set ambitious targets to maintain the state's position as a reliable supplier of crude oil to energy markets, noting that the world needs investments of about $ 11 trillion in the oil and gas sector to cope with the current and expected demand for energy.
Al Jaber said that the world needs to produce more energy while maintaining the lowest level of harmful emissions, pointing out that «ADNOC» gives priority to environmentally responsible production, in its quest to expand the scope of its operations.
He stressed that ADNOC's oil production is among the lowest in the world in terms of carbon emissions intensity and is considered a leader in the sector in terms of low levels of emissions of methane. In parallel, ADNOC continues its efforts to expand the use of sophisticated applications to capture In 2016, the company launched the first commercial carbon capture, use and storage facility in the region, and plans to expand this program by nearly six times the volume of CO2 captured over the next decade.
Al Jaber stressed that meeting the energy needs of the world in a responsible and economical manner requires the establishment of new and innovative partnerships with investors who are keen to achieve sustainable returns in the long term, in addition to the establishment of innovative partnerships between energy companies through which the exchange of best practices, and the adoption of the latest Technologies, efficient use of capital, and partnerships between consuming and producing countries to keep pace with the shifting demand from the West to the East.
He pointed out that the UAE has an ideal geographical location to meet the needs of growth in emerging markets, and announced the readiness to conclude strategic trade partnerships in all areas and stages of the energy sector, to achieve added value, through cooperation with governments, leading industrial institutions and companies that promote innovation.
"The cooperative approach enhances our ability to meet the increase in energy demand, protect the environment and discover and invest more opportunities," he said.