Oil and gas critical for economic growth in 4th Industrial Age, says ADNOC CEO at ADIPEC

ADIPEC 12 3ADNOC CEO defines central mission of the industry as ‘Oil and Gas 4.0’ – how technology and energy are converging to deliver a step-change in global development. (Image source: ADNOC)The global oil and gas will be a critical enabler of economic growth in the 4th Industrial Age, according to Dr Sultan Ahmed Al Jaber, the UAE minister of state and group CEO of Abu Dhabi National Oil Company (ADNOC)

Delivering the opening keynote address at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), one of the world’s leading oil and gas conferences and exhibitions, Dr Al Jaber said that the world is on the verge of an era of unprecedented prosperity. This will be driven, he said, by rapid advances in technology and a global middle class, which will grow to five billion people by 2030, creating greater demand for energy and products derived from oil and gas.

“We are at the cusp of a new age of opportunity for our industry, an era in which digital innovation is delivering unprecedented levels of progress,” noted Dr Al Jaber to the audience of government ministers, industry CEOs, policymakers and decision makers.

rhon 12Suhail Al Mazrouie, minister of energy, UAE, and Khalid Al Falih, minister of energy, industry and mineral resources, Saudi Arabia. (Image source: Alain Charles Publishing)

“This era, known as the 4th Industrial Age, is creating a paradigm shift in global growth and driving demand for our products. Our industry must step up to enable this massive step-change in global development,” he further added.

ADNOC recognises that to fulfil the mission of oil and gas 4.0, it must leverage all its resources, its partnerships and, in particular, the latest technologies, if it is to continue to thrive and deliver on the ambitious strategic objectives of its 2030 smart growth strategy.

“As we set out to meet these ambitious goals, we will access our undeveloped reservoirs, tap into our gas caps and further capitalise on our sour gas. Today, we are able to make this happen by thinking outside the box, leveraging technology and reframing our business model. This has finally unlocked the commercial formula that will enable the UAE to attain self-sufficiency and transition to becoming a potential net exporter of natural gas.”

“For the first time, we will jointly develop our unconventional fields in a concession partnership with Total. In addition, our strategy will ensure we remain a reliable supplier of LNG well into the future.”

Dr. Sultan added, “While advances in technology are impacting every industry, it is time for us to focus our attention on how it can advance our industry.” At ADNOC, we believe technology can enhance our operational efficiency, drive performance, maximise profitability and empower our people.”

ADNOC, he said, is applying artificial intelligence and the science of predictive analytics to significantly reduce maintenance costs and building out its state-of-the-art Panorama Digital Command Centre to mine for, monitor and measure terabytes of information across its operations. And yet, ADNOC is only scratching the surface of how technology can transform its potential, he declared.

Dr Al Jaber also emphasised the importance of ADNOC’s downstream expansion. “This expansion capitalises on our high-grade feedstock, proximity to growth markets and best-in-class logistics to create an integrated plug and play ecosystem, an ecosystem where I invite partners to invest and grow alongside ADNOC as we continue on our journey to diversify the UAE’s economy, enable in-country value and support GDP growth,” he said.

Following Dr Al Jaber’s speech, a special ministerial panel discussion took place – entitled, ‘Reshaping Markets: Continuing the Global Energy Discussion,’ with the participation of H.E. Suhail Al Mazrouie, minister of energy, UAE; Khalid Al Falih, minister of energy, industry and mineral resources, Saudi Arabia and Mohammad Barkindo, secretary general of the Organisation of Petroleum Exporting Countries (OPEC).

Hosting more than 80 ministers, CEOs, and global oil and gas business leaders as speakers, ADIPEC has convened the companies, decision- and policy-makers who shape the future of oil and gas supply, for four days of focused business, dialogue and knowledge-transfer that addresses today’s energy challenges and defines tomorrow’s hydrocarbon landscape.

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