Abu Dhabi: The demand for oil will continue to increase in the coming decades, driven by the growth of demand from emerging Asian economies, a top UAE official said on Monday.
Addressing a session on ‘The Future of Oil’ during the 3rd UAE Government Meetings in Abu Dhabi, Dr Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO, said oil and gas will remain responsible for meeting more than half of the global demand for energy even in the most ambitious scenarios for the deployment of renewable and alternative energy. It is essential to improve performance throughout all phases and aspects of the value chain, investment in petrochemicals and manufacturing industries, to contribute to the diversification and sustainability of the economic growth. The focus on reducing the cost of production is a key factor in continuity, and prolong the investment of hydrocarbon reserves.
“In line with the directives of the wise leadership and the support and follow-up of His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Force, ADNOC has started a comprehensive strategic shift to enhance value in all the business phases and aspects. This strategic shift aims at achieving the vision of His Highness that oil is the backbone of the economy, which has played an important role in enabling the establishment and empowerment efforts. It has a vital role at the present, and it is our responsibility to ensure the continuity of this role in the future by working to create value and investment in human resources and shaping the future,” said Sultan Al Jaber.
Al Jaber emphasised that the continued growth of the business and the exploration efforts, led to the addition of seven billion barrels of oil and 168 billion cubic feet in gas reserves. As a result, the UAE has moved up from seventh to sixth place in the ranking of the largest oil and gas reserves in the world. Eventually, achieving the strategy of ADNOC to the UAE gas self-sufficiency, in line with the national strategy to develop the industrial sector and diversify the economy.
- With inputs from WAM