The Abu Dhabi National Oil Company is pursuing a balanced growth strategy including "responsible production" to meet the world’s long-term energy demand, according to Dr Sultan Al Jaber, Minister of State and Adnoc Group chief executive.
Speaking at the 40th Oil and Money Conference in London, hosted by Energy Intelligence, Dr Al Jaber said that short term energy demand "has continued to soften" in response to current global economic uncertainty.
"Over the medium and long-term, the outlook remains positive, solid, and robust. By 2040, three times the amount of energy consumed by all of Europe will be added to global energy demand. In the face of current economic headwinds, we need to control costs, while staying focused on capital efficiency and targeted long-term investment," he said.
Adnoc is expanding oil production capacity, and tapping into gas caps, undeveloped reservoirs, and unconventional resources to achieve gas self-sufficiency "and in time, become a net gas exporter".
“In addition, we are making sizeable investments downstream to create within the UAE, one of the largest refining and petrochemical complexes in the world. This will provide the foundation for a fully integrated derivatives and manufacturing hub located at the gateway to the most promising growth markets,” Dr Al Jaber said.
He also said that Adnoc "leads the industry with the lowest methane intensity".
"We produce among the least carbon-intensive barrels, and after launching the Middle East’s first commercial-scale carbon capture utilisation and storage facility, we are expanding the programme six times. Our goal is to capture at least 4.3 million tonnes of CO2 annually by 2030. That is the equivalent of the amount of CO2 captured by 5 million acres of trees, or a forest the size of Wales.”
