UAE’s oil and gas company ADNOC is on track to increase its crude oil production capacity to four million barrels per day by the end of this year.
Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company (ADNOC) announced the news about the increase in crude production on Saturday in his address to the 4th Atlantic Council Global Energy Forum, taking place in Abu Dhabi as part of the Abu Dhabi Sustainability Week (ADSW).
Dr. Al Jaber began his remarks by noting geopolitical tensions have dissipated over the past few days and wisdom, balance, and diplomacy appear to be prevailing.
Addressing energy leaders and policymakers, Dr. Al Jaber went on to say that while geopolitical uncertainties remain, the global economy going into 2020 appears to be in better shape than last year. He said with trade tensions easing, manufacturing showing signs of renewed growth and global consumer spending strengthening, we can look forward with cautious optimism.
Dr. Al Jaber highlighted the impact of these global economic trends on energy demand and outlined the UAE and ADNOC’s response to the fast-evolving energy landscape.
“This economic outlook means both the short and long-term demand for energy remains robust. Over the next two decades, we will see growth of at least 25 percent in energy demand. This is a rate of increase that no single source can satisfy and presents the key challenge of how to produce more energy with fewer emissions.
“Here in the UAE, we see this challenge as an opportunity and a natural extension of our existing energy leadership. In the last 10 years, we have grown our solar capacity 400 percent and invested in renewable energy projects approaching 12 gigawatts here in the UAE and across 25 countries around the world.
“We are also adding clean nuclear power to our domestic portfolio. Working closely with the International Atomic Energy Agency, this year, the UAE will be the first country in the region to operate a safe commercial, peaceful nuclear power station,” Dr. Al Jaber said.
Dr. Al Jaber emphasized that as the UAE drives clean sources of energy, it is also responsibly growing its hydrocarbon resources to ensure reliable flows of energy to global markets.
“At ADNOC, we are on track to increase crude oil production capacity to 4 million barrels per day by the end of this year. And we made significant new discoveries last year that moved the UAE from 7th to 6th largest oil and gas reserves in the world. In fact, we are also on a path to achieve gas self-sufficiency and to ultimately become a net exporter,” Dr. Al Jaber said.
Dr. Al Jaber concluded by highlighting that this year, as the UAE sets on a path “toward the next 50 years” and prepares for a future that will require more energy with less environmental impact, it will be crucial to bring all stakeholders to the table, from investors and industry to civil society and academia, to work on practical solutions, forge true partnerships and identify investment opportunities.
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