Energy security is essential for social, economic and climate progress, said Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of Abu Dhabi National Oil Company (ADNOC).
Speaking at the Energy Intelligence Forum in London, Dr. Al Jaber said market sentiment does not reflect the real underlying fundamentals, tight spare capacity and long-term demand growth.
Therefore, policies aimed at pulling the plug on the current energy system, before we have built the new one, are misguided.
He said that for economic progress to be maintained, substantial investment is required in hydrocarbons, the energy source the world will rely on well into the future.
“Yes, we must all commit to mitigating the impact of global energy supplies, but let’s keep our focus on capturing carbon, not cancelling production. Let’s hold back emissions, not progress.”
“As COP27 approaches and the UAE prepares to host COP28, let’s advocate for an inclusive approach that takes advantage of the expertise of the people in the oil and gas industry. For the energy transition to succeed, the energy professionals need to be in the room, as equal partners alongside all other stakeholders.”
Dr. Al Jaber said the UAE is keen to work with partners to mitigate the impact of hydrocarbons on the climate and build on its expertise as a responsible and reliable regional leader in low and no carbon energy.
ADNOC, he explained, is investing in greater production capacity of its signature crude, Murban, that has half the carbon intensity of the industry average and tripling its liquefied natural gas (LNG) capacity to over 15 million tons per annum, supported by a 9.6 million tons per annum LNG production and shipping terminal in the Emirate of Fujairah.
