UAE holds an oil and gas summit, saying it will not cut off hydrocarbons

Abu Dhabi National Oil Company (ADNOC) Chief Executive Officer Sultan Jaber It was stated on Monday that the world cannot “simply pull out” hydrocarbons, and that the oil and gas industry will need to invest more than US$600 billion a year before 2030 to meet expected demand.

He is giving a speech ADIPEC The oil and gas conference opened in Abu Dhabi on Monday, after the UN climate negotiations were held in Glasgow, and the final agreement for the first time included fossil fuels as the main driver of global warming.

“The international community has just concluded COP26. Generally speaking, it was successful,” al-Jaber said, again calling for a pragmatic approach to combat climate change while ensuring global energy security.

“If we are to successfully transition to tomorrow’s energy system, we can’t simply unplug the power supply from today’s energy system. We can’t just flip a switch,” he said.

OPEC oil-producing countries defended the future role of fossil fuels at the Glasgow summit, believing that the world can cut greenhouse gas emissions without giving up oil and natural gas.

Al-Jaber, Minister of Industry and Advanced Technology of the United Arab Emirates, will host COP28 in 2023. He stated that ADNOC plans to increase its production capacity to 5 million barrels per day by 2030, while working to reduce carbon intensity.

He said that ADNOC is expanding its carbon capture and storage capacity from 800,000 tons per year to 5 million tons, and as of January, it will use nuclear and solar power for its grid power.

“This will significantly reduce ADNOC’s operational emissions. It moves us by more than a third towards our 2030 carbon intensity target,” he said, adding that it will also help the UAE achieve net zero by 2050 Emission targets.

He said that the Gulf Arab countries will make COP28 a “catalyst for practical, commercial, and sustainable energy solutions.”