Majid Hamid Jaafar and Alexandre Raffoul at World Economic Forum Regional Industry Exchange Day Image Credit: Supplied

UAE is accelerating the establishment of the clean energy technologies of the future as the country implements low-cost solar power, carbon capture and sequestration (CCS) and blue hydrogen technologies to scale and future worldwide application, said the CEO of Crescent Petroleum Majid Jafar in his remarks at the World Economic Forum Regional Industry Exchange Day in Dubai today. He added that the oil and gas industry is simultaneously undergoing a digital transformation that will improve efficiencies, reduce costs, enhance decision-making, and minimize environmental footprint.

“As the UAE prepares to host COP28 later this year, the UAE’s visionary energy policy offers a guide for oil and gas and other industries to a more sustainable world. This is an important roadmap for the oil and gas industry and for all other industries operating in the UAE and worldwide,” Jafar said.

“As the world goes through the energy transition to a lower carbon future, oil and gas will continue to play an important role to ensure reliable energy supply, but it will be produced more cleanly and will be used differently,” he said. “Greater electrification, digitization, and elimination of flaring and methane leaks will be central to that transformation,” he added.

Jafar described how the digital transformation is already leading to great improvements in the sector. Big data and predictive analytics, for example, can enhance operational efficiency by up to 20% and reduce maintenance costs by up to 40%, according to a report by McKinsey.

Other speakers at the event included Omar Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications; Saeed Al-Tayer, Managing Director and Chief Executive Officer of the Dubai Electricity and Water Authority; and Khalfan Belhoul, Chief Executive Officer of Dubai Future Foundation; as well as business leaders from a wide range of industries from across the MENA region who gathered at the one-day event held at the Armani Hotel in Burj Khalifa.

The company has achieved a carbon intensity one third of the industry average, and a strong focus is to reduce methane leakages and flaring to nearly zero and then offset the remainder with carbon credits which support renewable energy in Asia, to declare carbon neutrailty across its operations since October 2021 – making it among the first energy companies in the world to achieve this important milestone.