This week, Abu Dhabi will be front and centre in the world of oil and gas.
Last night, ahead of going to press, the Organisation of the Petroleum Exporting Countries (Opec) was preparing to meet, along with some non-Opec countries, in the capital to discuss possible oil cuts to boost prices, following a week of failing prices. This is just the latest meeting to handle the ongoing volatility in the global oil markets, which began in 2014.
Today, industry leaders will gather at the Abu Dhabi International Petroleum Exhibition & Conference (Adipec), the region’s largest. Since its launch in 1984, Adipec has grown steadily and today stands as one of the world’s most important oil and gas exhibitions and conferences.
It is no longer just an exhibition for the industry, but a place for industry leaders to engage in dialogue, conduct business and shape the future of the energy industry. The conference, in partnership with Abu Dhabi National Oil Company (Adnoc), is expanding the conference agenda to address industry trends and investment opportunities.
This follows on last week’s announcement that Adnoc will increase oil production capacity to five million barrels per day by 2030 and the Supreme Petroleum Council’s approval of a Dh486 billion capital expenditure to support the company’s five-year growth plans. The investment will ensure significant business opportunities in the private sector, as well as drive economic growth by creating jobs and enabling economic diversification. Adnoc is actively exploring innovative partnership opportunities that will deliver value for Abu Dhabi and strong returns for partners, which is attracting a lot of interest and foreign direct investment for the UAE and Abu Dhabi. Adnoc’s partnership opportunities is a strategic lever for the UAE as it builds bridges between economies and deepens international ties, which will enhance stability and enable prosperity.
Adnoc investment, which includes the adoption of technology, such as artificial intelligence, predictive analytics and block chain, will drive performance, efficiency and value across its operations, thereby increasing the technology profile of the UAE.
Adnoc’s decisions and plans, which include plans to boost oil production capacity to four million barrels per day by 2020 and five million barrels per day by 2030, will help the company meet rising global oil demand and balance oil markets. The increase in production capacity will give Adnoc the ability to respond to future fluctuations in global demand when necessary.
This focus and development on the country’s natural resource will mean that Abu Dhabi will continue to play a central role in the growth of the global oil-and-gas industry, with global demand for energy forecast to grow by more than 25 per cent by 2040.