Over the coming decades, demand for oil will continue to rise, driven by rising demand from emerging Asian economies, a senior UAE official said Monday.
Talking at a panel on’ The Future of Energy’ during the 3rd UAE Government Meetings in Abu Dhabi, Dr. Sultan Al Jaber, UAE Minister of State and CEO of ADNOC Group, said that oil and gas would continue to be responsible for satisfying more than half of global energy demand, even in the most optimistic scenarios for the implementation of green and alternative energy. To contribute to the growth and sustainability of economic growth, it is essential to improve performance throughout all phases and aspects of the value chain, investment in petrochemical and manufacturing industries. Focusing on increasing production costs is a crucial sustainability element and prolonging hydrocarbon resources expenditure.
“Following the wise leadership guidance and the encouragement and follow-up of His Highness Shaikh Muhammad Bin Zayed Al Nahyan, Abu Dhabi’s Crown Prince and UAE Armed Forces Deputy Supreme Commander, ADNOC has initiated a systematic tactical change to improve profitability in all market phases and aspects. This strategic shift aims to achieve His Highness ‘ vision that oil is the backbone of the economy, which has played a major role in enabling efforts to establish and empower. It currently plays a vital role, and it is our responsibility to ensure that this role continues in the future by working to create significance and investment in human resources and shape the future, “Sultan Al Jaber said.
Al Jaber stressed that the ongoing business growth and exploration efforts resulted in the addition of seven billion barrels of oil and 168 billion cubic feet of gas reserves. As a result, the UAE ranked the world’s largest oil and gas reserves from seventh to sixth. Eventually, in line with the national strategy to develop the industrial sector and diversify the economy, ADNOC’s strategy for UAE gas self-sufficiency.