Adipec 2016: Make the most of our oil resources: Adnoc chief

abu dhabi - Producers asked to focus on efficiency and value creation in era of unpredictable prices

UAE Minister of State and Adnoc Group CEO Sultan bin Ahmed Al Jaber said the best way forward for the oil industry is by making the most of the resources at hand.

"We can't predict the future price of oil but one factor remains well in our control and that is the cost of every barrel we produce. In this new energy era, we must reflect on how to make the most of our resources, enhance our performance and find new ways to be more competitive," he said while delivering the keynote speech at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) in Abu Dhabi on Monday.

He said that in an era of unpredictable oil prices, producers who focus on efficiency, value creation, commerciality and excellence would be successful.

"Today's new energy landscape calls on us to once more to break from old conventions and welcome new paradigms. By embracing the new energy era, we will thrive and shape our future."

Al Jaber said Adnoc is not waiting for times to change, but taking charge of its own future to ensure its resilience and prosperity.

Under its new 2030 strategy and five-year business plan, Adnoc will diversify and increase production of its petrochemical portfolio, while opening new markets to ensure sustained profitability. It also intends to expand its refining capacity to meet growing demand for refined products.

"We will stretch the margin from every barrel we produce," said Al Jaber. "And by taking full advantage of our geography, at the pivot point between East and West, we will capitalise on the world's fastest-growing markets, including Asia, where oil demand is expected to increase 15 per cent and the market for petrochemicals is set to double by 2030."

Al Jaber said innovative forms of collaboration are needed to maximise success. "To unlock those opportunities, we require a new model of partnership, one that creates real value by bringing technology, experience, resources and market access to the table."

- ashwani@khaleejtimes.com