RIYADH: The CEO of one of the region’s largest oil firms believes people in his position have a responsibility for energy security as he hit out at suggestions oil and gas production should be reduced.
Speaking at the Energy Intelligence Forum in London, Sultan Ahmed Al-Jaber, managing director and group CEO of Abu Dhabi National Oil Co., insisted that firms such as his need to be “in the room” when energy transition plans are drawn up.
Al-Jaber, who also serves as the UAE’s minister of Industry and Advanced Technology, warned that pulling the plug on current energy systems before developing new ones is misguided, as abandoning oil and gas production could take a toll on energy security.
“We have seen that all progress starts and ends with energy security. And, as the world’s energy leaders, our responsibility in maintaining that energy security has never been more evident,” said Al-Jaber.
He added: “We must all commit to mitigating the impact of global energy supplies, but let’s keep our focus on capturing carbon, not canceling production. Let’s hold back emissions, not progress.”
According to Al-Jaber, energy transition is the most complex and capital-intensive project in human history, and a partnership with the energy sector is necessary to ensure a successful transformation.
“For the energy transition to succeed, the energy professionals need to be in the room, as equal partners alongside all other stakeholders,” he said.
He further noted that substantial investments are required in hydrocarbons, the energy source the world will rely upon in the future.
Al-Jaber revealed that the UAE is open to working with partners to mitigate the impact of hydrocarbons on the climate and build on its expertise to emerge as a reliable energy leader with zero carbon emissions.
He noted that ADNOC is making use of advanced technologies, along with renewable solar and nuclear energy to reduce the carbon intensity of its oil and gas by a further 25 percent by the end of this decade.
Al-Jaber added that ADNOC will also expand the use of carbon capture and storage.
Speaking at the same event on Oct 4, Saudi Aramco CEO Amin Nasser said that global oil demand is expected to grow until 2030 and beyond, as the world has a flawed plan for the energy transition.
During the speech, Nasser noted that alternatives to replace oil and gas are not ready yet and added that measures should be taken to decarbonize oil and gas, along with developing carbon capture and storage technology.
