ADNOC CEO says oil and gas industry must quickly adopt new technology
Dr. Sultan Ahmed Al Jaber says technological advances are playing a key role in helping ADNOC to thrive in an evolving and growing energy market
H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company (ADNOC), emphasized the importance of industry innovation at the second annual Bloomberg Global Business Forum today.
“We live in a world where the pace of innovation is affecting every industry and cutting across every aspect of business," Al Jaber said. "The energy sector can maximize its efficiency and effectiveness by applying the latest technologies from artificial intelligence, digitization and data analytics. The fast adoption of these breakthrough technologies will help ensure we meet the world’s growing energy needs, create new market opportunities and address inequalities in access to energy.”
Al Jaber said the leadership of the United Arab Emirates has long recognized the importance of technology as an enabler of prosperity, adding that the effective deployment of advanced technology is one of the four main pillars of the UAE Centennial 2071 project, which seeks to build a competitive national economy based on knowledge, innovation and future applications utilizing physical, digital and dynamic technologies.
ADNOC, he said, is supporting this goal by sourcing and deploying the latest technologies and applications to enhance efficiencies, productivity and profitability across its oil and gas operations, as it positions itself to thrive in a rapidly evolving energy market that will see global energy demand grow 25% by 2040.
In 2017, ADNOC launched two digital command centers, Panorama and Thamama, which use the latest digital technology to enable the smart decisions necessary to optimize the organization’s performance, drive efficiencies and rationalize costs across its integrated upstream and downstream operations. Panorama, which was implemented by Scheider Electric, helped the company win the Oilfield Services of the Year award at this year's Oil & Gas Middle East and Refining & Petrochemicals Middle East awards.
ADNOC is also expanding its use of Carbon Capture, Use and Storage (CCUS) technology, replacing rich gas with CO2 injection into ADNOC’s maturing fields, enabling more productive use of valuable clean-burning natural gas, whether for power generation, desalination, or as petrochemicals’ feedstock.
And in July, the company announced plans to conduct the world’s largest continuous 3D onshore and offshore seismic survey, using industry-leading technologies to identify and unlock new oil and gas reserves.