The Abu Dhabi International Petroleum Exhibition and Conference “ADIPEC 2022” opened
Mansour bin Zayed: The UAE is a pioneer in building a diversified and balanced system of energy sources
Mansour bin Zayed during his attendance at the ADIPEC 2022 exhibition and conference.
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His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, inaugurated yesterday the 38th edition of the Abu Dhabi International Petroleum Exhibition and Conference “ADIPEC 2022”, which is being held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, and was attended by His Highness Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, Member of the Executive Council of the Emirate of Abu Dhabi, Chairman of the Abu Dhabi Executive Office and Chairman of the Executive Committee of the ADNOC Board of Directors. The ceremony was also attended by Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence.
His Highness Sheikh Mansour bin Zayed Al Nahyan said, "The UAE, thanks to the vision of the wise leadership, was a pioneer in building a diversified and balanced system of energy sources, and was at the forefront of countries in the initiative to build a diversified mix of energy sources through the development of pioneering projects in the field of renewable energy. In addition to applying the latest technologies to increase the efficiency of production of its hydrocarbon resources and reduce its emissions, thus establishing its position as a responsible and reliable global supplier of energy.”
Exhibition kick off
His Highness added, "The Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) has formed, since its inception 38 years ago, a global platform that brings together the most prominent institutions, companies and active personalities in the energy sector, thus establishing its position at the top of international events specialized in this vital sector, and enhancing the UAE's leading position and contributions. influential in shaping the future of the energy sector and the global economy.
His Highness Sheikh Mansour bin Zayed Al Nahyan attended part of a dialogue session within the activities of the opening of ADIPEC 2022, in which the Minister of Industry and Advanced Technology, the Managing Director and CEO of the Abu Dhabi National Oil Company (ADNOC) and its group of companies, Dr. Sultan bin Ahmed Al Jaber, and the Minister of Energy and Infrastructure, Suhail bin Muhammad Faraj Faris Al Mazrouei, Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud, US Senior Adviser on Global Energy Security, Amos Hochstein, Egyptian Minister of Petroleum Tarek El Molla, and Indian Minister of Petroleum and Gas, Shri Hardeep Singh Bouri, along with elite leaders of the international oil sector.
lower emissions
In addition, Dr. Sultan bin Ahmed Al Jaber stressed that "the world needs more energy with less emissions to ensure the security and sustainability of its supplies," referring to the wise leadership's directives to continuously enhance the UAE's position as a responsible and reliable energy provider.
This came during Al Jaber's opening speech at the Abu Dhabi International Petroleum Exhibition and Conference "ADIPEC 2022".
In his speech, Al-Jaber referred to a meeting he had with His Highness the President of the State, about the launch of ADIPEC and His Highness’s vision on the challenges facing the energy sector, “where His Highness was optimistic and had a confident vision. With a positive mindset, we are working to find appropriate solutions in cooperation with partners who embrace the same visions, ideas and directions), and His Highness added: (Remember that positivity, constructive visions, and the constant pursuit of progress are at the heart and essence of our approach).
complex conditions
Al-Jaber explained, “ADIPEC is taking place under complex conditions facing the world, where global supply chains are still fragile, geopolitical conditions have become more complex, dispersed and polarized than ever before, inflation continues to rise, and interest rates increase the cost of borrowing and investment, which increases the cost of borrowing and investment. This has left the global economy in a critical situation.”
He noted the questions raised by some about the possibility of an economic recession, expressing his conviction that no one can give a confident answer that includes future predictions on this subject.
After reviewing the features of the economic landscape in the world, Al-Jaber pointed out that "energy is a top priority for everyone now, and that the global energy scene is going through unprecedented turmoil at this time."
He said, "The world has become aware of the fact that the decline in long-term investments in oil and gas has increased challenges in the energy sector, and that the data and numbers are clear. If we stop investing in hydrocarbon resources, we will lose five million barrels of oil per day from the current supplies, due to the natural decline in energy." Productivity, and this makes the shocks that the energy sector witnessed this year very simple compared to what will happen in the event of stopping investment in oil and gas.
And if there is a lesson learned from this year, it is that energy security is an essential pillar for progress in various fields, economic and social, as well as in climate action.
Al-Jaber added, "The world needs all available solutions to secure its energy needs, and we cannot choose between oil and gas, solar energy, wind energy, nuclear energy, or hydrogen, as we all need it."
He said, "The world needs more energy with less emissions, and our wise leadership was a pioneer in adopting renewable energy more than 16 years ago with the launch of (Masdar), as the UAE was the first country in the region to operate a peaceful nuclear power plant, and this is what This prompts (ADNOC) to work to reduce emissions from current energy sources, and to invest in energy sources.”
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