Mon 15-11-2021 22:13 PM
ABU DHABI, 15th November, 2021 (WAM) -- H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, attended the opening ceremony of the 37th edition of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) which started today under the patronage of President His Highness Sheikh Khalifa bin Zayed Al Nahyan.
Attending the opening were H.H. Dr. Sheikh Sultan bin Khalifa Al Nahyan, Adviser to the UAE President; H.H. Sheikh Khalid bin Mohamed bin Zayed, Member of the Abu Dhabi Executive Council, Chairman of Abu Dhabi Executive Office, Chairman of the Executive Committee of Abu Dhabi National Oil Company's Board of Directors; Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence; and His Highness Sheikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King of Bahrain for Humanitarian Works and Youth Affairs.
The opening ceremony was also attended by Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), and a number of senior officials from the energy and oil industry sectors.
Commenting on the event, His Highness Sheikh Mansour said that ADIPEC tops the list of leading events in the world of energy. "ADIPEC is the world's most influential meeting point for oil, gas and energy professionals. The event reaffirms the leading position the United Arab Emirates boasts in shaping the future of the global economy."
"The UAE has created a unique role model for energy resource management and investment in the transition towards future energy thanks to the prudent vision of our leadership," he added, noting that the country has developed a resilient and sustainable methodology while meeting the various challenges related to investing in oil and gas projects and clean and renewable energy resources.
Sheikh Mansour attended part of ADIPEC Energy Dialogues in the presence of Dr. Sultan bin Ahmed Al Jaber, Suhail Al Mazrouei, His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy in the Kingdom Saudi Arabia, Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, Pavel Yurievich Sorokin, Deputy Minister of Energy, Russian Federation, and Hardeep Singh Puri, India's Minister of Housing and Urban Affairs Minister of Petroleum & Natural Gas.
After the opening ceremony, His Highness Sheikh Mansour toured the exhibition's stands, during which he was introduced to the latest innovations in the energy sector.
Speaking at the opening ceremony of the global event's 37th edition, Dr. Sultan Ahmed Al Jaber said that investments in low carbon oil and gas are needed to ensure global energy security during the energy transition.
Dr. Al Jaber began his remarks by noting that current market dynamics have highlighted the world’s dependency on oil and gas.
"As economies bounce back from the Covid-19 pandemic, at the fastest rate in fifty years, demand has outpaced supply. And, after almost a decade of under -investment in our industry, the world has sleepwalked into a supply crunch.
"It is time to wake up," Dr. Al Jaber added, "the oil and gas industry will have to invest over $600 billion every year until 2030 just to keep up with expected demand."
Speaking to a live audience that included ministers and chief executives from the global energy industry, H.E. Dr. Al Jaber noted that renewable energy is the fastest-growing segment of the energy mix, but oil and gas is still the biggest and will be so for decades to come.
"In short, the future is coming but it is not here yet," Dr. Al Jaber stressed. "We must make progress with pragmatism. And if we are to successfully transition to the energy system of tomorrow, we cannot simply unplug from the energy system of today. We cannot just flip a switch."
Dr. Al Jaber said the world must prioritize investment in the most cost and carbon-efficient barrels as he explained how ADNOC is decarbonizing its operations and embracing the energy transition following the wise guidance of the UAE leadership.
"We will soon deliver another first for our industry. From January, up to 100% of our grid power will come from clean sources, nuclear and solar. In one move, this will significantly reduce ADNOC’s operational emissions. It brings us more than one-third of the way towards our 2030 carbon intensity target. Importantly, it will make a practical contribution to the UAE’s net-zero by 2050 strategic initiative, not years from now, but in a matter of weeks," H.E. Dr. Al Jaber said, referring to the recent clean energy partnership ADNOC entered into with Emirates Water Electricity Company (EWEC).
As part of ADNOC’s 2030 sustainability goals, the company aims to decrease its greenhouse gas intensity by 25% to remain one of the lowest carbon emitters in the oil and gas industry.
Dr. Al Jaber added that ADNOC is also optimizing its costs and driving value across its upstream and downstream businesses as it lowers its carbon intensity. He highlighted ADNOC’s recent achievements including the initial public offering (IPO) of Fertiglobe, the world’s biggest shareholder-owned export of fertilizer, and ADNOC Drilling. ADNOC Drilling’s IPO was the largest to date in the history of Abu Dhabi’s stock exchange and was oversubscribed by more than thirty times.
Earlier this year, ADNOC also made history following the start of trading of the Murban Futures Contracts on the ICE Futures Abu Dhabi (IFAD) commodities exchange. Providing an update, H.E. Dr. Al Jaber said "this week, we will pass a major milestone with the Murban futures contract that we launched in March, trading over 1 billion barrels of Abu Dhabi’s flagship, low -carbon crude.
"These achievements were all completed despite the complications of the global pandemic and they are powerful proof of one thing – the investment case for our industry is strong, dynamic, and vibrant."
Dr. Al Jaber went on to extend an open invitation for partnership across the UAE’s energy ecosystem, noting that the nation is open for business. He cited partnership opportunities in the downstream through TA’ZIZ, ADNOC’s joint venture with ADQ, which is accelerating the development of Abu Dhabi’s petrochemicals and derivatives industry.
"We have already welcomed Reliance Industries as a strategic anchor partner, and we invite all of you to participate in the opportunities of our growing industrial hub. Our aim is to more than double our chemicals portfolio by 2025 and enhance the UAE’s industrial competitiveness."
On hydrogen, Dr. Al Jaber said ADNOC continues to deliver on its plans, and after four successful shipments to Japan and South Korea this year, the UAE is well-positioned to become a major producer and exporter of blue hydrogen.
Dr. Al Jaber added that if the world is to resolve the dilemma of the energy transition, the solutions will be found where the energy expertise exists. He highlighted the huge economic opportunity the transition provides for the oil and gas industry.
"Rewiring the energy system is a multi-trillion-dollar business opportunity that is good for the climate, good for humanity, and good for economic growth. These are fundamental reasons why the UAE is excited about hosting COP28 in 2023. We will make this forum a catalyst for practical, commercial, sustainable energy solutions. Solutions that are both pro-climate and pro-growth.."
Dr. Al Jaber called for energy transition partnerships and said the UAE is open to partnerships that can advance the energy transition.
"As the UAE prepares to celebrate its Golden Jubilee, our leadership has issued a blueprint for sustainable growth, called the principles of the fifty. This vision for our future economic development is based on the spirit of partnership. And I see possibilities for partnership at every turn. For those of you who are already our partners, I believe there is much more we can do together. For those who are not yet working with us, come and explore the opportunities."
Concluding his remarks, Dr. Al Jaber stressed the energy transition will take time and we must invest in the energy that the world needs today while we create the energy system of tomorrow.
"What the world really needs is to hold back emissions, not progress. Let us, together drive that progress. Let us always keep in mind, our industry must play a pivotal role in the energy transition. We have the knowledge, the skills and the people to make the difference in our world. And I say this to all of you accept the invitation I extend to you today. Come and join us, join ADNOC, join the UAE and be our partners on the energy transition journey."
ADIPEC is the global energy industry’s most influential meeting place where ministers, energy leaders, and professionals convene to engage and identify opportunities that will unlock new value in the evolving energy landscape. This year’s edition includes over 2,000 exhibiting companies as well as 26 international country pavilions. Held under the patronage of H.H. Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, ADIPEC is taking place from 15-18 November 2021.