Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of Abu Dhabi National Oil Company (ADNOC), said that an investment of US$11 trillion in oil was needed to meet the projected demand
“Over three times, the amount of energy currently consumed by all of Europe will be added to global energy demand in the next two decades. To meet this demand, we will need an inclusive response that integrates and optimises a fully diversified energy mix,” Jaber told an energy conference in Abu Dhabi on Monday.
He reaffirmed that the company was on track to achieve its production capacity goals of four mmbbl of oil per day by 2020 and five million by 2030.
“Here in the UAE, our leadership has created an ecosystem that supports all forms of energy, from oil and gas to renewables and nuclear energy. We know that the world will still rely on oil and gas as the majority source of power for many decades to come,” he said.
He added that in a world that needs more energy with less emissions, ADNOC will continue to prioritise responsible production as it expands its operations.
He stressed that meeting the world’s energy needs responsibly and economically will require a renewed spirit of partnership. He noted that this includes partnerships with new sets of investors, who value long-term sustainable returns; partnerships between energy companies where best practices are shared, technology is leverage, and capital efficiency is maximised; and partnership between consuming and producing nations that recognise the shift in demand from West to East.
“Given our location, the UAE is perfectly positioned to cater to the new frontiers of market growth. We stand ready to forge strategic, value-add, commercial partnerships with governments, industry leaders, and innovators across the entire energy sector. By working together, we will stay ahead of demand, we will protect our environment, and there is no limit to the opportunities we can unlock,” he concluded.
