Sultan Al Jaber: Continued investment in oil and gas is a necessity to ensure energy security

Abu Dhabi (Union)

His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, emphasized that continued investment in oil and gas is essential to ensure energy security, sustainable economic and social growth, and progress in climate action.
This came in his keynote speech at the Energy Intelligence Forum in London, in which he said: “The market sentiment does not reflect the real fundamentals, limited spare capacity and long-term demand growth, which again confirms the futility of policies that call for the immediate abandonment of the current energy system Before development and operation of a new system,” he explained, explaining that the world needs major investment in hydrocarbon energy sources that will depend on them in the future to continue sustainable economic growth. Addressing the leaders of the largest and most important energy companies in world he added: “Energy security is a fundamental pillar for progress in all sectors and as pioneers in the global energy sector and in light of the changes that are taking place. anywhere in the world, our responsibility to ensure energy security has become clearer than ever.” He said: “We must commit to mitigating the effects of global energy shortages, focusing efforts on capturing and removing carbon, not stopping production, and we must always remember that our goal is to reduce emissions and not to reduce rates of growth and progress. “

Climate conference
He added: “As COP 27 approaches and the UAE prepares to host COP 28, we need to adopt a comprehensive approach that includes all stakeholders and stakeholders, including experts in the oil and gas sector, to ensure successful transition planning in the oil and gas sector. energy”.
His Excellency reiterated that the UAE, in accordance with the directives of the wise leadership, is keen to expand the bridges of cooperation and work with all partners to mitigate the impact of hydrocarbon energy sources on the climate and build on its experience and leadership at the regional level as a responsible and reliable producer of low and zero emission energy.

Huge investment for “ADNOC”
His Excellency explained that ADNOC is making huge investments to increase its production capacity from Murban, the main crude oil produced by the company, which is considered to be one of the lowest emissions of crude oils, as its carbon density is less than half that of global average for ADNOC also plans to triple its liquefied natural gas production capacity to reach more than 15 million tons annually, supported by the “ADNOC” natural gas dispatch and production station, which has a production capacity of 9.6 million tons in the Emirate of Fujairah. His Excellency added: At the same time, ADNOC is working to expand the use of advanced technologies and take advantage of renewable and peaceful nuclear energy to reduce emissions from oil and gas production operations by a further 25% by the end of this decade. with these efforts, ADNOC is working to lay the building blocks and infrastructure for the hydrogen fuel value chain and expand the use of carbon capture, storage and utilization technologies.

Award to Saad Al Kaabi
As recipient of the award for Energy Intelligence Executive of the Year last year, His Excellency presented Dr. Sultan Ahmed Al Jaber this year’s version of the award for Eng. Saad bin Sherida Al Kaabi, Minister of State for Energy Affairs of the State of Qatar. , Managing Director and CEO Qatar Energy Company, praising his role in the expansion and development of the natural gas sector in Qatar. His Excellency explained that Saad bin Sherida Al Kaabi is one of the leaders in sustainable and responsible energy production and has also had a leading role in efforts to decarbonize the LNG supply chain in Qatar and encourage the expansion of the use of solar power.

Leave a Reply

Your email address will not be published. Required fields are marked *