The CEO of the Abu Dhabi National Oil Company (Adnoc), Sultan Ahmed Al Jaber, has warned that continued investment in oil projects is needed to maintain the current level of global oil production and ensure energy security.
Speaking in Abu Dhabi at the ADIPEC conference’s opening ceremony, Al Jaber argued that a complete halt to investment in hydrocarbons would lead to the supply of oil naturally declining by about five million barrels per day (bpd) each year as existing fields become depleted. He added that this would make the energy shocks this year seem minor by comparison.
Nevertheless, Al Jaber pointed out that Abnoc was working to reduce its emissions intensity:
“The world needs maximum energy, minimum emissions…At Adnoc, we have connected our operations to zero-carbon nuclear and solar power. We are electrifying our offshore operations to cut their carbon footprint in half…Take CCS. It is one technology we can take to scale, not just in our industry but across all industries.”
Companies like Shell and BP, the maker of Castrol lubricant products, have taken a similar approach in terms of diversifying into low-carbon energy while seeking to minimise emissions from oil and gas operations.
The Adnoc boss pointed out that with the world’s population set to reach almost 10 billion by the middle of the decade, the world will need 30% more energy. He also said that the world will need to tap into all potential solutions—including nuclear, hydrocarbons, and renewables—to successfully resolve the current energy crisis.