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29 February 2024

ADNOC to maintain targeted, investments in exploration, petrochemicals, technology and people, says Sultan Al Jaber

By Wam

The UAE, and particularly at Abu Dhabi National Oil Company (ADNOC), are balancing a disciplined focus on operational efficiency and enhanced performance with the imperative to maintain targeted, investments in exploration, petrochemicals, technology and people, said Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and CEO of the ADNOC Group.

''We do this, while maintaining an emphasis on long term, value driven partnerships,'' said Dr. Al Jaber in a keynote speech at Egypt Petroleum Show (EGYPS) on Tuesday.

The minister told the energy audience that global demand for energy is rapidly rising. By 2040, the world will require 25 per cent more energy that is the equivalent of adding the current energy draw of North America and South America combined.

''Most of this new demand will come from non-OECD countries, which will account for two thirds of the world’s energy consumption. And nearly 60 percent will be supplied by oil and gas,'' he said.

''The International Energy Agency estimates that some 25 trillion dollars in investment will be needed over this period to keep pace with this demand. That is a level of funding only possible through creative, productive partnerships between governments and the energy industry,'' he explained.

''Egypt has proven itself the ideal energy partner by establishing sound fiscal policies and a sensible regulatory framework that makes it easy for the likes of BP, ENI, Shell and Dana Gas to invest. These wise policies are now paying off, as Egypt has entered a golden age of hydrocarbon discovery,'' he stated.

In 2015, he added, the largest deposit of gas ever found in the Mediterranean Sea was discovered in Egypt’s territorial waters with estimated reserves of 30 Trillion cubic feet. This, together with significant finds in the Nile Delta and the Western Desert have the potential to make Egypt not just energy independent but eventually a net exporter of natural gas.

''Egypt’s new found hydrocarbon wealth, combined with sound economic policies are underwriting Egypt’s growth and instilling investor confidence around the world. Egypt’s stock market grew 76 per cent last year. Last month’s over-subscribed bond sale is powerful proof that global markets along with global institutions such as the IMF have deep faith in Egypt’s future as an anchor of stability in the region,'' he indicated.

''The long-term outlook for Egypt is even more bullish,'' he said. PWC’s latest global growth report projects that Egypt could become the world’s 16th largest economy by 2050. All this points to one conclusion: Now is an excellent time to invest in Egypt.

''This 1st Egypt Petroleum Show - reinforced by the industry leaders gathered here today - is a reflection of the growing importance Egypt is playing in the global energy industry,'' Dr. Al Jaber concluded.