$11t investment needed to meet future global energy demand
The long-term outlook for global energy demand was "robust" and an investment of $11 trillion in oil and gas was needed to keep up with projected demand, a top official says.
The UAE Minister of State and chief executive of the Abu Dhabi National Oil Company (Adnoc) Sultan Ahmed Al Jaber said that Adnoc Oil will increase its oil production capacity from four million barrels per day by 2020 to five million barrels per day by 2030.
In his keynote address at the 24th World Energy Congress, which kicked off in the UAE capital on Monday, the minister said that Adnoc is unlocking 'vast reserves' of natural gas by tapping into gas caps, undeveloped reservoirs and unconventional resources.
"With the increasing population and economic growth, the world will need three times the energy than currently consumed," he said.
The minister said that population growth and the rise of the middle class was expected to lead to greater spending power and that, as a result, more than three times the amount of energy currently consumed by Europe would be added to demand in the next two decades.
"To meet this demand, we will need an inclusive response that integrates and optimizes a fully diversified energy mix. The world would still rely on oil and gas for many decades to come," he said.
Under the theme "Energy for Prosperity", the World Energy Congress, which is being hosted in the Middle East for the first time, leads delegates through a four-day interactive programme designed to address the most critical issues facing the global energy industry today.
Ministers, investors and thought leaders from over 150 countries have gathered at the energy congress in Abu Dhabi to look into a future beyond hydrocarbons. The four-day congress will run until Thursday at the Abu Dhabi National Exhibition Centre (Adnec),
UAE a role model
In his inaugural speech, UAE Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei said for more than 95 years, the triennial summit and the flagship event of the London-based World Energy Council has been a platform where governments and firms are discussing the future solutions to take care of the most challenging issues facing humanity.
"We would like to use this platform to bring companies investing in energy solutions of tomorrow," he said. "The government of the UAE has made Abu Dhabi a platform for discussion and for finding solutions in the energy sector."
Al Mazrouei said that the UAE is currently going through an ambitious and dynamic energy transition aimed at reducing carbon footprint by 70 per cent in 2050.
"Besides the two largest solar generations projects in the world, we have also embarked on a large-scale civil nuclear programme while further developing our oil, gas and petrochemical projects," said the minister adding the UAE aims to increase the share of clean energy in the country's electricity generation capacity to 50 per cent by 2050 (44 per cent renewable and six per cent nuclear).
Al Jaber noted that the UAE leadership has created an equal system that supports all forms of energy from oil and gas to renewables and to nuclear and that Baraka nuclear power plant will soon produce 4GW of nuclear energy.
The prestigious congress has presented a unique platform for exploring the state of the energy sector in Abu Dhabi, and showcasing the investment opportunities it presents.
This year's congress will feature 80 panel discussions - focusing on the entire energy spectrum - including oil and gas, electricity, development of clean coal, nuclear power and renewable energy, as well as transport, energy efficiency, finance, investment, consultancy, among others.
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