ADIPEC 2019: Oil, Gas Remain Essential Pillars of the Future Energy Mix

UAE Minister of State and CEO of the Abu Dhabi National Oil Company (ADNOC) Sultan Ahmed al-Jaber speaking at ADIPEC 2019 (ADNOC)
UAE Minister of State and CEO of the Abu Dhabi National Oil Company (ADNOC) Sultan Ahmed al-Jaber speaking at ADIPEC 2019 (ADNOC)
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ADIPEC 2019: Oil, Gas Remain Essential Pillars of the Future Energy Mix

UAE Minister of State and CEO of the Abu Dhabi National Oil Company (ADNOC) Sultan Ahmed al-Jaber speaking at ADIPEC 2019 (ADNOC)
UAE Minister of State and CEO of the Abu Dhabi National Oil Company (ADNOC) Sultan Ahmed al-Jaber speaking at ADIPEC 2019 (ADNOC)

Oil and gas industry will remain an essential pillar of the future diversified energy mix, calling on the industry to modernize in response to disruptions on multiple levels and a fast-evolving energy landscape, announced UAE Minister of State and CEO of the Abu Dhabi National Oil Company (ADNOC) Sultan Ahmed al-Jaber.

Delivering the opening keynote address, at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Jaber said the oil and gas industry is being disrupted by new technologies, new business models, new forms of energy and a new geopolitical order, with the rise of Asia.

“This era of disruption is just the beginning and will only gather pace over time. Yet, the oil and gas company of today can be a winner tomorrow, if it operates at a lower level of cost and a higher level of performance; if it brings digital into the core of its operations; if it embeds sustainability into its DNA; and if it rethinks how to leverage its partnerships, enable its people and re-center its customer relationships.”

The Minister added that the fact is by 2040, all the energy currently consumed in the United States, India, and Japan will be added to global energy demand, and oil and gas will provide the source for over half of it.

“These facts are undisputed and simply make a compelling business case to invest in the future of our industry.”

Jaber said ADNOC is on track to expand its oil production capacity to 4 million barrels per day (BPD) by the end of 2020 and is finding new reserves of natural gas as it gets closer to achieving gas self-sufficiency for the UAE.

ADNOC is also leveraging the UAE’s geography as the company expands its downstream operations and creates a world-scale refining and petrochemicals complex, indicated Jaber.

He invited international partners and the UAE private sector to take advantage of ADNOC’s high-quality feedstock and seize this unique opportunity for growth as the company delivers its downstream expansion strategy.

As the oil and gas industry embraces an age of disruption, digitization is the next frontier to driving efficiencies, curbing costs and extracting the highest value from every molecule of a hydrocarbon produced, according to Jaber.

“At ADNOC, Artificial Intelligence powers our Panorama Digital Command Center, enabling clearer, real-time, business-critical decision making. Advanced robotics are transforming our surface and subsurface operations. And predictive analytics is significantly minimizing our operational downtime and maximizing our savings.”

Jaber stressed that technology is also key to unlocking one of the central challenges facing the oil and gas industry, namely on delivering more energy with fewer emissions.

“We are expanding the Middle East’s first commercial-scale carbon capture utilization and storage facility to capture at least 4.3 million tonnes of CO2 annually by 2030. That equals the amount of CO2 captured annually by 5 million acres of trees or forest over twice the size of the UAE,” said Jaber.

He concluded by saying that expanding the operations, ADNOC is pioneering the use of optical drones to monitor fugitive emissions, helping maintain the best-in-class methane intensity.

Also at the ceremony, UAE’s Minister of Energy and Industry, Suhail al-Mazrouei, said that UAE is a leading player in the global energy sector, due to its role in finding solutions to the challenges of energy sustainability, diversifying sources and shaping a new energy landscape.

Pointing out that oil exploration and new hydrocarbon reserves enhance the UAE's position as a reliable source of energy, he expressed his optimism for the global oil market.



Meta Buys China-founded AI Agent Manus

FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
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Meta Buys China-founded AI Agent Manus

FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo

Facebook owner Meta has agreed to acquire Manus, an artificial intelligence agent created by a company founded in China but now based in Singapore, the two firms said.

However, analysts warned the deal could fall foul of regulators at a time of fierce technological rivalry between Washington and Beijing.

Exceeding the capabilities of AI chatbots like ChatGPT, AI agents can autonomously perform complex tasks for users, and are seen as having huge potential.

Manus, created by startup Butterfly Effect, can for example sift through and summarize resumes or create a stock analysis website, according to its website.

Meta said Monday that the deal -- the financial details of which were not disclosed -- will "bring a leading agent to billions of people and unlock opportunities for businesses across our products".

"The era of AI that doesn't just talk, but acts, creates, and delivers, is only beginning," Manus chief executive Xiao Hong said on X.

"And now (with Meta), we get to build it at a scale we never could have imagined."

Meta CEO Mark Zuckerberg is making a huge push into AI, spending billions of dollars on acquisitions, hiring engineers and building data centers.

Bloomberg Intelligence analysts said the purchase is likely aimed at expanding Meta's AI agent task capabilities, and that it could be worth more than $2 billion.

However, "it could draw regulatory scrutiny given that Singapore-based Manus was founded in China", the analysts said.


Precious Metals Fall again, Asian Stocks Swing as Traders Wind Down

Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
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Precious Metals Fall again, Asian Stocks Swing as Traders Wind Down

Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File

Precious metals extended losses Tuesday on profit-taking after hitting recent records, while equities fluctuated in quiet trade as investors wound down ahead of the New Year break.

Traders were taking it easy in the last few days of 2025 following a stellar 12 months that have seen tech firms push several stock markets to all-time highs, while bitcoin, gold and silver have also enjoyed multiple peaks, said AFP.

Minutes from the Federal Reserve's most recent policy meeting -- at which it cut interest rates a third straight time -- are due to be released later in the day and will be scanned for an idea about whether a fourth can be expected in January.

The US central bank's monetary easing in the back end of this year has been a key driver of the markets' rally, compounding a surge in the tech sector on the back of the vast amounts of cash pumped into all things AI.

It has also helped offset recent worries about a possible tech bubble and warnings that traders might not see a return on their investments in artificial intelligence for some time.

Still, Asian markets have enjoyed a healthy year, with Seoul's Kospi piling on more than 75 percent and Tokyo's Nikkei 225 more than 25 percent -- both having hit records earlier in the year.

Still, both edged down Tuesday, with Shanghai, Sydney and Taipei also lower. Hong Kong, Singapore, Wellington and Jakarta rose.

The mixed performance followed losses for all three main indexes on Wall Street.

The big moves of late have been seen in precious metals, with gold hitting a record just shy of $4,550. Silver, meanwhile, topped out at $84 after soaring around 150 percent this year.

Investors have been piling into the commodities on bets for more US rate cuts, a weaker dollar and geopolitical tensions.

Silver has also been boosted by increased central bank purchases and supply concerns.

However, both metals have pulled back sharply this week on profit-taking, with gold now around $4,340 and silver at $73.50.

Oil dipped, having jumped more than two percent Monday when investors rowed back bets on peace talks to end Russia's war with Ukraine as a meeting between US President Donald Trump and Ukrainian counterpart Volodymyr Zelensky ended with little progress.

That surge followed Friday's similar-sized rally on optimism for a breakthrough to end the nearly four-year conflict.

An end to the war could see sanctions on Russian oil removed, which would see a huge fresh supply hit the market.

Bitcoin, which has tumbled since spiking above $126,000 in October, was stabilizing just below $90,000 after a shaky end to the year.


Quality of Life Program Center Launches 'Smart Cities' Report

The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
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Quality of Life Program Center Launches 'Smart Cities' Report

The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)

The Quality of Life Program Center has launched its new report on "Smart Cities," highlighting key global trends in the development of smart cities and their role in improving quality of life and enhancing urban sustainability.

This launch aims to promote human-centered cities and advance smart urban development, in line with Saudi Vision 2030 objectives, the Saudi Press Agency reported on Tuesday.

The report notes that smart cities are among the most important pillars of modern urban development, as they rely on the use of advanced technologies, data analytics, and the Internet of Things to improve service efficiency, enhance quality of life, and address growing urban challenges such as traffic congestion, pollution, and resource management.

It also reviews several global indicators demonstrating the ability of smart solutions to reduce emergency response times, improve educational outcomes, increase residents' satisfaction with public services, and reduce energy consumption and carbon emissions through smart grids and advanced transportation systems.

The report emphasizes that adopting smart city concepts constitutes a fundamental pillar for achieving sustainable urban development, improving quality of life, and building more resilient and prosperous communities, thereby enhancing the competitiveness of Saudi cities at the regional and global levels.