All forms of energy needed to meet growing energy demand

Addressing global energy leaders and policymakers, at the World Energy Congress, United Arab Emirates (UAE), Minister of State and ADNOC Group CEO D Sultan Al Jaber stressed that oil and gas will remain the majority source of power as global energy demand significantly increases over the next two decades and underlined the UAE’s ambitious targets to remain a reliable supplier to world energy markets.

Dr Al Jaber detailed the mega-trends impacting the rise in energy demand driven by population growth and the spending power of middle-class consumers. He said: ‘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.’

‘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 4mn b/d by 2020 and 5mn by 2030. In parallel, by tapping into gas caps, undeveloped reservoirs and unconventional resources, we are unlocking vast reserves of natural gas.’

He also noted that in a world that needs more energy with fewer emissions, ADNOC would ‘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 programme six-fold,’ he said.

Dr Al Jaber concluded by stressing that meeting the world’s energy needs responsibly and economically will require a ‘renewed spirit of partnership’. He noted that this would include partnerships with ‘new sets of investors, who value long-term sustainable returns; partnerships between energy companies where best practices are shared, technology is leveraged, and capital efficiency is maximised; and partnerships between consuming and producing nations that recognise the shift in demand from West to East.’