ADNOC CEO: Growing energy demand in Asia and new technology are changing oil and gas landscape
Speaking at the inaugural Bloomberg New Economy Forum, Dr. Sultan Al Jaber said that the sector has new challenges and opportunities to address
ADNOC CEO Dr. Sultan Al Jaber said that evolving energy demand will be driven by the growth of Asia's middle class in the near future, particularly those of India and China. He noted that the shift in energy demand to Asia, along with rising adoption of new technology, create new challenges and opportunities for the oil and gas industry as demand grows.
"Energy demand is growing globally, but demand in Asia is growing over twice as fast as the rest of the world," he said. "Oil and gas will play a fundamental role as part of a diversified energy mix. And ADNOC is stepping up to ensure it continues to be a trusted and reliable supplier of oil and gas to meet the increasing demand from growing economies."
He spoke against the backdrop of the inaugural Bloomberg New Economy Forum (NEF) in Singapore, of which ADNOC is a founding partner. He also noted that in the evolving energy landscape, the industry must find innovative ways to ensure a reliable, equitable and sustainable supply of energy and energy-based products to new economy markets.
Al Jaber noted that Abu Dhabi’s recent concession agreements with both India and China follow the shift toward the Eastern economies. He also highlighted the rapid advance of digital technologies, such as artificial intelligence, big data and blockchain, which he said can transform the oil and gas industry’s ability to respond to changing global energy demand.
“The world around us is transforming at an unprecedented rate, and we are witnessing a revolution in digitisation," he said. "The UAE recognises digital technology is a game changer that can positively shape societies, lift economies and transform the potential of all people. At ADNOC we are leveraging the latest technology, artificial intelligence, and big data to empower our thinking and propel our business forward.”