More than 80,000 tune into online Adipec event
Four-day event highlighted the progress being made in Abu Dhabi's energy sector, Adnoc group chief executive says
More than 80,000 people tuned into sessions at the four-day Abu Dhabi International Petroleum Exhibition Conference, which was held online last week as result of Covid-19.
The four-day event witnessed a series of announcements highlighting progress being made in the sector, the UAE's Minister of Industry and Advanced Technology and Abu Dhabi National Oil Company's chief executive, Dr Sultan Al Jaber said.
"We have demonstrated significant progress toward our objectives of creating a more profitable upstream business and a more valuable downstream, and enhancing our marketing and trading capabilities. At the same time, we are harnessing technology to reduce costs and maximise performance while strengthening our commitment to responsible production."
The announcements already made will be followed by others "in the coming weeks and months" that show Adnoc "remains a primary catalyst for the country’s economic growth and diversification”, Dr Al Jaber added.
Adnoc said last week that its Ta'ziz joint venture with state holding company ADQ will target $5 billion worth of projects in Ruwais Derivatives Park, with $3bn to be spent on chemicals projects and a further $2bn on ports and infrastructure improvements as the UAE looks to derive more value from its oil resources.
The company also revealed it is weighing up investments in future fuels such as hydrogen as its joint venture with Total began delivery of shale from the Ruwais Diyab concession.
New supply agreements were signed to provide liquefied natural gas to the world's biggest energy trader, Vitol, from 2022 onwards and to supply Total for the next two years.
A new futures contract based on Abu Dhabi's flagship crude grade, Murban, will also begin to trade from March 29 next year. Ice Futures Abu Dhabi, a new hub within Abu Dhabi Global Markets, said it has already signed agreements with Chevron, Occidental and Trafigura to explore pricing US crude exports to Asia off Murban Futures.
Schlumberger, the world's biggest oilfield services company by revenue, joined a joint venture between Adnoc and artificial intelligence firm Group 42 known as AIQ to develop and commercialise AI products for the oil and gas market. Adnoc has already achieved about $2 billion in savings through advanced technologies and AI such as machine learning and digital twins to improve drilling techniques and cut maintenance costs by up to 20 per cent, the company said.
Some 20 government ministers and 70 oil company chief executives spoke at last week's event, as well as Opec secretary-general Mohammad Barkindo and International Energy Agency executive director Fatih Birol.
The UK's minister for Exports, Graham Stuart, said there was a "historic opportunity" for the industry to help lay the foundations for a more sustainable future, while Japan's Minister of Economy, Trade and Industry said his country would focus on decarbonisation to become carbon-neutral by 2050.
Iraq's oil minister said it remained committed to progressing oil projects with its international partners, while India and Indonesia both stressed the opportunities open to investors in their markets. Jordan's energy minister, Hala Zawati, said the kingdom expects to double its natural gas production within a year.
Updated: November 15, 2020 06:03 PM