UAE is establishing a diverse and balanced system of energy sources

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, held 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 Abu Dhabi Executive Office and Chairman of the Executive Committee of the Board of Directors of the Abu Dhabi National Oil Company (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, His Majesty the King’s Representative for Humanitarian Work and Youth Affairs in Bahrain, and Chairman of the Board of Directors of the Oil and Gas Holding Company in Bahrain; Dr Badr Hamed Al Mulla, Deputy Prime Minister and Minister of Oil of Kuwait, and 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), in addition to several government officials and chairpersons from major international energy companies.

Sheikh Mansour said that since its inception 38 years ago, ADIPEC has been an international platform gathering foundations, companies and figures that are active in the energy sector, so, therefore, the event has strengthened its prominent stature as a specialist event in this vital sector, and enhanced the country’s pioneer stature in the global energy sector.

“The UAE, due to the vision of its leadership, has been proactive in establishing a diverse and balanced system of energy sources. The country was among the first countries to diversify its energy mix by developing pioneer projects in renewable energy, 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 Technology; 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 Adviser for Global Energy Security in the US; Tarek El Molla, Minister of Petroleum of Egypt, and Hardeep Singh Puri, Minister of Petroleum and Gas of India, along with several international oil sector leaders.

ADIPEC is the most influential event in the global oil sector, and is a platform gathering energy ministers, leaders and specialists to discuss and identify new opportunities in the field. This year’s edition of the event is being attended by over 2,000 showcasing companies, with 28 pavilions for participating countries.The event will run until 3rd November, 2022. Dr Sultan Ahmed Al Jaber on Monday called for maximum energy with minimum emissions to ensure global energy security in his opening address at the 38th edition of the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC).

“A few days ago, as I was updating our President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, I asked for his advice. His response was reassuring. He told me ‘we cannot ignore the realities on the ground. We need to face them. We don’t shy away from challenges. We address them by adopting a positive mindset and by working out solutions with like-minded partners.’ And then he added: ‘And remember, pursuing progress is in our DNA.”

Dr Al Jaber noted that “energy is everybody’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 under-investment in oil and gas has made a difficult situation even worse as “the data is clear.”

“If we zero out hydrocarbon investment, due to natural decline, we would lose 5 million barrels per day of oil each 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 taught us that energy security is the foundation of all progress - economic social and climate progress,” Dr Al Jaber said.

Dr Al Jaber went on to explain that the solutions the world needs are also major opportunities. “Our world is on its way to being home to 9.7 billion people by 2050. To meet their needs, the world will have to produce 30 per cent more energy than today. And as we meet that need, we will be helping to bring electricity to almost 800 million people who don’t have it today. We will also be helping to transform the lives of the 2.6 billion people who have no access to clean cooking and heating fuels.

“The world needs all the solutions it can get. It is not oil and gas, or solar, not wind or nuclear, or hydrogen. It is oil and gas and solar, and wind and nuclear, and hydrogen. It is all of the above, plus the clean energies yet to be discovered, commercialised and deployed.

“The world needs maximum energy, minimum emissions. This is why our leadership decided to be a first mover in renewable energy, over 16 years ago by launching Masdar. It’s why we were the first country in the region to deploy nuclear power. And it is why Adnoc is making today’s energy cleaner while investing in the clean energies of tomorrow,” Dr Al Jaber said, as he pointed out examples of the steps Adnoc is taking to decarbonise its operations.

“At Adnoc, we have connected our operations to zero carbon nuclear and solar power. We are electrifying our offshore operations to cut their carbon footprint in half. And, we are pressing down harder and harder on our methane intensity, even though we already have one of the lowest levels in the world. Maximum energy, minimum emissions.”

“Take carbon capture and storage. It is one technology we can take to scale, not just in our industry but across all industries. And then there is hydrogen. Just a few days ago, I saw the first shipment of ammonia arrive from the UAE to Hamburg Germany. It felt like a historic moment. It was a first step in creating a hydrogen value chain and an important step in taking yet another opportunity for our industry,” said Al Jaber.

Concluding his remarks, Dr Al Jaber said global efforts should focus on a new, bold, realistic and pragmatic pathway that benefits humanity, the climate and the economy, with COP27 (the 27th UN Climate Change Conference) meeting in Sharm el Sheikh next week and as the UAE prepares to host COP28 (the 28th UN Climate Change Conference), the Emirates Climate Conference.