Adnoc begins tapping 'uneconomical gas' to become net exporter

 

Adnoc begins tapping uneconomical gas to become net exporter
Dr Sultan bin Ahmad Sultan Al Jaber said while global economic growth may slow in the short term, long-term fundamentals remain robust.

abu dhabi - The UAE is on it path to gas self-sufficiency, says minister

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Published: Sat 12 Jan 2019, 5:52 PM

Last updated: Sat 12 Jan 2019, 7:54 PM

The Abu Dhabi National Oil Company (Adnoc) has begun to unlock huge reserves of previously uneconomical gas with the help of technology and partnerships.

"By thinking differently, applying technology creatively and adjusting our business model, we are on a path to gas self-sufficiency and will ultimately transition the UAE to become a net exporter of natural gas," said Dr Sultan bin Ahmad Sultan Al Jaber, UAE Minister of State and Group CEO of Adnoc.

He was speaking at the third Atlantic Council Global Energy Forum taking place in Abu Dhabi.

In response to the changes in the world's energy markets, Adnoc continues to optimise its resources and engage with strategic partners, who bring new technology and open up growth markets, said Al Jaber.

The new approach to partnerships is at the heart of Adnoc's $45 billion downstream expansion strategy, Al Jaber stressed.

As demand grows for plastics and polymers, Adnoc is creating the single largest integrated refining and petrochemicals complex in the world in Ruwais.

The minister said while global economic growth may slow in the short term, long-term fundamentals remain robust. By 2030, Al Jaber said, there will be three billion new consumers and as breakthrough technologies continue to enhance human progress, demand for energy over the coming decades will only increase. For energy companies, this means focusing on what they can control, he added, while staying ahead of projected demand as the world enters the fourth industrial age.

"At Adnoc, we call this mission Oil and Gas 4.0," Al Jaber said. - Wam


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