ADNOC to invest in E&P, technology and people: CEO
Sultan Al Jaber says by 2040, the world will require 25% more energy that is the equivalent of adding the current energy draw of North America and South America combined
The UAE, and particularly the Abu Dhabi National Oil Company (ADNOC), are focussing equally on operational efficiency and enhanced performance and is obliged to maintain targeted, investments in exploration, petrochemicals, technology and people, Dr Sultan bin Ahmad Sultan Al Jaber, UAE Minister of State and CEO of the ADNOC Group, has said.
''We do this, while maintaining an emphasis on long-term, value-driven partnerships,'' Al Jaber said in a keynote speech at the Egypt Petroleum Show (EGYPS) in Cairo on Tuesday.
The minister told the audience that global demand for energy is rapidly rising. By 2040, the world will require 25% more energy that is the equivalent of adding the current energy draw of North America and South America combined.
''Most of this new demand will come from non-OECD countries, which will account for two thirds of the world’s energy consumption. And nearly 60% will be supplied by oil and gas,'' he said.
''The International Energy Agency estimates that some 25tn dollars in investment will be needed over this period to keep pace with this demand. That is a level of funding only possible through creative, productive partnerships between governments and the energy industry,'' he explained.
''Egypt has proven itself the ideal energy partner by establishing sound fiscal policies and a sensible regulatory framework that makes it easy for the likes of BP, ENI, Shell and Dana Gas to invest. These wise policies are now paying off, as Egypt has entered a golden age of hydrocarbon discovery,'' he stated.
In 2015, he added, the largest deposit of gas ever found in the Mediterranean Sea was discovered in Egypt’s territorial waters with estimated reserves of 30tn cubic feet.
This, together with significant finds in the Nile Delta and the Western Desert have the potential to make Egypt not just energy independent but eventually a net exporter of natural gas.
''Egypt’s new found hydrocarbon wealth, combined with sound economic policies are underwriting Egypt’s growth and instilling investor confidence around the world. Egypt’s stock market grew 76% last year,” Al Jaber said.
“Last month’s over-subscribed bond sale is powerful proof that global markets along with global institutions such as the IMF have deep faith in Egypt’s future as an anchor of stability in the region,'' he indicated.