President of UAE “ADNOC”: Strong future indicators for the oil and gas markets
Al-Jaber said that global economic growth could raise demand to 109 million barrels per day
Thursday – 28 Safar 1442 AH – October 15, 2020 AD Issue No. [
Sultan Al-Jaber explained that ADNOC will continue working to increase its crude oil production capacity to 5 million barrels per day by 2030 (Asharq Al-Awsat)
Abu Dhabi: «Middle East»
Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and CEO of ADNOC in the UAE and its group of companies, said that no one can give an accurate forecast of what the economic recovery will look like during the next few months, especially when taking into account the many variables.
Al-Jaber stressed that the long-term future indicators of the oil and gas markets appear to be very strong, as demand is expected to rise to 109 million barrels per day over the next 25 years to keep pace with the growth of the global economy.
During his participation in a main dialogue session within the Energy Intelligence Forum, with Alex Schindler, Chairman of the Forum, the CEO of ADNOC praised the role of the Organization of the Petroleum Exporting Countries (OPEC) in the balance of oil markets since prices reached their lowest level in March. He affirmed the UAE’s commitment to production quotas within the OPEC + agreement.
He said, “Their joint efforts have contributed to balancing supply and demand during this period, and the UAE will continue to adhere to the reductions agreed upon, as our commitment percentage was more than one hundred percent last month, and these measures have contributed to enhancing confidence in the oil markets.”
He stressed that oil and gas will remain the primary area of ADNOC’s business model in 2030. Even in the fastest scenario of transition towards new energy sources, oil and gas will remain a source of more than half of the energy the world needs.
He affirmed that his company will continue to focus on improving performance, increasing profitability and economic return, reducing costs, enhancing flexibility, and expanding the scope of quality partnerships to achieve smart and sustainable growth.
The Al Jaber session covered discussions on the developments and dynamics of the oil market, global transformations in the energy sector, and ADNOC’s strategic plans for the future.
He said during the session: “We were able to deal effectively with the Covid-19 pandemic,” adding that the qualitative shift made by ADNOC over the past four years was a decisive factor in facing the effects of the pandemic, ensuring business continuity and achieving its strategic goals during the past period, as the company continued to strengthen Flexibility and raising efficiency in various aspects of operations, with a focus on factors that we can control, such as reducing costs. He added: “We are continuing to work on developing our resources through exploration, development and production, expanding our refining and petrochemical business in the UAE, as well as working to enhance value through ADNOC’s smart quality partnerships program. At the same time, we are working to enhance our capabilities in the field of marketing, trading and trading of derivatives, as we have made remarkable progress in this field by completing the first process of trading derivatives last month, marking the beginning of a new phase for ADNOC in trading activities. ”
In response to a question about ADNOC’s asset liquidation strategy, he said: “ADNOC’s strategy focuses on achieving, increasing value and driving growth through smart and innovative partnerships, and we continue to make efforts to achieve maximum value in all aspects of our business.” He explained that ADNOC will continue to play a primary role in ensuring an integrated mix of energy sources, and that the company is exploring expansion towards clean energy and emerging technology. He added, “Our future success will depend on the production of oil that is less costly and less intensive in levels of carbon emissions in the world,” explaining that the combination of low costs and carbon emissions will contribute to giving ADNOC an important competitive advantage, especially since investment in exploration activities is under pressure in other areas of the world.
He explained that ADNOC will continue working to increase its production capacity of crude oil to 5 million barrels per day by 2030, and continue efforts to achieve self-sufficiency in gas in the UAE. “It is logical that the demand is directed towards the less expensive and less carbon intensive producers,” he said. Our oil production is among the lowest in terms of carbon emissions in the world, and we are exploring and developing large reserves of natural gas, to be used as a transitional fuel with a low impact on the environment.
The United Arab Emirates
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