Officials discuss energy sector recovery from Corona challenges
Sultan Ahmed Al-Jaber: "We continue to be cautiously optimistic, with special focus on enhancing resilience and building quality partnerships."
More than 30 officials in the oil, gas and petrochemical sector from around the world participated in the sixth edition of the Abu Dhabi CEO Forum, hosted by the Abu Dhabi National Oil Company (ADNOC), to discuss current challenges and urgent issues, and to enhance the sector's resilience in the face of the repercussions of the "Covid-19" pandemic And how to recover from them, and the role of oil and gas in future energy landscape shifts and environmental protection.
The Minister of Industry and Advanced Technology and CEO of Abu Dhabi National Oil Company (ADNOC) and its group of companies, Dr. Sultan Ahmed Al Jaber, said: “In line with the vision of the wise leadership in the UAE to promote dialogue and build bridges of communication with the international community, the Abu Dhabi CEO Forum was held to provide a strategic platform to discuss preparedness. For the post-recovery phase (Covid-19), developments and dynamics of the oil market, global shifts in the energy sector and how to enhance resilience, by focusing on areas that we can control, such as raising efficiency and reducing costs.
And there was agreement among the participants that the fundamentals of the oil and gas sector are strong, solid and stable, as the world still needs hydrocarbon resources now and in the future, and that the sector has shown great flexibility in the past few months, and we continue with cautious optimism and focus in particular on enhancing flexibility and building quality partnerships. .
"For us at ADNOC, we focus on meeting the growing demand for low-carbon energy, by investing in modern technologies, such as carbon capture, use and storage, and exploring new fuels such as hydrogen," he added.
"We are facing a lot of uncertainty at this stage, but we all hope that demand will recover as soon as possible," said Patrick Pouyann, Chairman and CEO of Total.
Meanwhile, no one knows exactly when the (Corona) pandemic will end, when we will get an effective vaccine, and how long it will take to revitalize the global economy.
I think we have to focus now on the fundamentals, especially spending responsibly and reducing operational costs.
BP CEO Bernard Looney said: “We must be optimistic while at the same time dealing with the facts of the current reality, and focus on what we can control.
We do not control product prices, but rather the cost structure, investment levels and process efficiency.
Therefore, I think that this stage is a reminder that the fundamentals that we know about this sector remain constant, and this will be beneficial to us in the long run. ”
Follow our latest local and sports news, and the latest political and economic developments via Google news