Dr. Sultan Ahmed Al Jaber, Minister of State and Group CEO of the Abu Dhabi National Oil Company, ADNOC, said Monday that the long-term outlook for global energy demand was “robust” and about US$11 trillion of investment in oil and gas are needed to keep up with current projected demand.
In a world that needs more energy with fewer emissions, ADNOC will continue to prioritize responsible production as it expands its operations, he said.
He also said that the state oil company was on track to raise its oil production capacity to 4 million barrels per day by 2020 and 5 million bpd by 2030.
“In parallel, by tapping into gas caps, undeveloped reservoirs and unconventional resources, we are unlocking vast reserves of natural gas," Al Jaber told an energy conference in Abu Dhabi.
Meeting the world’s energy needs - responsibly and economically - will require a renewed spirit of partnership, he said.
He noted that this includes partnerships with new sets of investors, who value long-term sustainable returns; partnerships between energy companies where best practices are shared, technology is leveraged, and capital efficiency is maximized; as well as partnerships between consuming and producing nations that recognize the shift in demand from West to East.
"Given our location, the UAE is perfectly positioned to cater for the new frontiers of market growth. We stand ready to forge strategic, value-add, commercial partnerships with governments, industry leaders, and innovators across the entire energy sector,” Al Jaber added.