The UAE is establishing a diversified and balanced system of energy sources
Sheikh Mansour Bin Zayed inaugurates ADIPEC 2022 on Monday in Abu Dhabi.
Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, on Monday inaugurated the 38th Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2022, under the patronage of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan.
The ceremony was attended by Sheikh Khalid Bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council, Chairman of the Abu Dhabi Executive Office and Chairman of the Executive Committee of the National Oil Company Board of Directors of Abu Dhabi (ADNOC).
The event was also attended by Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence; His Royal Highness Prince Abdulaziz Bin Salman Al Saud, Minister of Energy of Saudi Arabia; Sheikh Nasser Bin Hamad Al Khalifa, Representative of His Majesty the King for Humanitarian Work and Youth Affairs in Bahrain, and Chairman of the Board of the Oil and Gas Holding Company in Bahrain; Dr. Badr Hamed Al Mulla, Deputy Prime Minister and Minister of Petroleum of Kuwait, and Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Group Managing Director and CEO of Abu Dhabi National Oil Company (ADNOC), in addition to several government officials and presidents of major international energy companies.
Sheikh Mansour said that since its creation 38 years ago, ADIPEC has been an international platform bringing together foundations, companies and personalities active in the energy sector, so the event has strengthened its prominent stature as a specialist event in this vital sector. , and enhanced the country’s pioneering stature in the global energy sector.
“The United Arab Emirates, due to the vision of its leaders, has been proactive in establishing a diversified and balanced system of energy sources. The country was among the first countries to diversify its energy mix by developing pioneering projects in renewable energies, in addition to implementing the latest technologies to increase its hydrocarbon production while reducing its emissions,” he added.
Sheikh Mansour also took part in a panel discussion, which was attended by Dr. Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technologies; Suhail Al Mazrouei, Minister of Energy and Infrastructure; His Royal Highness Prince Abdulaziz bin Salman Al Saud, Minister of Energy of Saudi Arabia; Amos Hochstein, Senior Advisor for Global Energy Security in the United States; Tarek El Molla, Egyptian Oil Minister, and Hardeep Singh Puri, Indian Oil and Gas Minister, as well as several international oil industry leaders.
ADIPEC is the most influential event in the global oil sector and is a platform bringing together energy ministers, leaders and specialists to discuss and identify new opportunities in the field. This year’s edition of the event is attended by more than 2,000 presenting companies, with 28 pavilions for participating countries. The event will run until November 3, 2022. Dr. Sultan Ahmed Al Jaber on Monday called for maximum energy with minimum emissions to ensure global energy security in his opening address for the 38th edition of the Abu Dhabi International Petroleum Expo Conference (ADIPEC).
“A few days ago, while I was briefing our President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, I asked for his opinion. His answer was reassuring. He told me ‘we can’t ignore the realities on the ground. We have to face them. We don’t shy away from challenges. We respond by embracing a positive mindset and building solutions with like-minded partners. And then he added, “And remember, pursuing progress is in our DNA.”
Dr Al Jaber noted that “energy is everyone’s top priority” today as the global energy landscape goes through what he described as “a perfect storm”. He argued that now is not the time to point out that long-term underinvestment in oil and gas has made a difficult situation even worse because “the data is clear”.
“If we reverse hydrocarbon investments, due to natural decline, we would lose 5 million barrels of oil per day every year from current supplies. This would make the shocks we have experienced this year feel like a minor tremor. If this year has taught us anything, it has taught us that energy security is the foundation of all progress – economic, social and climate progress,” said Dr Al Jaber.
Dr. Al Jaber went on to explain that the solutions the world needs are also major opportunities. “Our world is on track to be home to 9.7 billion people by 2050. To meet their needs, the world will need to produce 30% more energy than today. And by meeting this need, we will help bring electricity to nearly 800 million people who do not have it today. We will also help transform the lives of the 2.6 billion people who lack access to clean fuels for cooking and heating.
“The world needs all possible solutions. It is neither oil nor gas, nor solar, nor wind, nor nuclear, nor hydrogen. These are oil, gas and solar, wind, nuclear and hydrogen. It’s all of the above, plus clean energy yet to be discovered, commercialized and deployed.
“The world needs maximum energy, minimum emissions. This is why our management decided to be a precursor in the field of renewable energies, more than 16 years ago, by launching Masdar. That is why we were the first country in the region to deploy nuclear energy. And that’s why Adnoc is making today’s energy cleaner while investing in tomorrow’s clean energy,” said Dr. Al Jaber, giving examples of the steps Adnoc is taking to decarbonize its operations.
“At Adnoc, we have connected our operations to zero-carbon nuclear and solar power. We are electrifying our offshore operations to halve their carbon footprint. And we are reducing our methane intensity more and more, even though we already have one of the lowest levels in the world. Maximum energy, minimum emissions.
“Take carbon capture and storage. It’s a technology that we can scale, not just in our industry, but in all industries. And then there is hydrogen. Just a few days ago I saw the first shipment of ammonia arrive from the United Arab Emirates to Hamburg in Germany. It felt like a historic moment. It was a first step in creating a hydrogen value chain and an important step in seizing a new opportunity for our industry,” said Al Jaber.
Concluding his address, Dr Al Jaber said that global efforts should focus on a bold, realistic and pragmatic new path that benefits humanity, the climate and the economy, with the meeting of COP27 ( the 27th United Nations Climate Change Conference) in Sharm el-Sheikh next week and as the United Arab Emirates prepares to host COP28 (the 28th United Nations Climate Change Conference), the Emirates Conference on the climate.