Page 17 - MEOG Week 45

MEOG NEWS IN BRIEF MEOG

COMPANIES operators looking for more sustainable ways OIL
to increase the productivity of mature fields.
ADNOC to explore potential by Al Reyadah Company, which sources gas Opportunities to outweigh
Adnoc has used carbon dioxide captured
of new fuels such as from industrial factories in Mussafah, to challenges post-COVID
enhance oil recovery.
hydrogen harvest 2.4 million tonnes of carbon dioxide The Abu Dhabi International Petroleum
The state-owned oil company also plans to
Exhibition and Conference (ADIPEC) 2020
Adnoc will explore the potential of new fuels from the Shah gas plant, while the Habshan Virtual opened with a bullish forecast for the
such as hydrogen as it moves to reduce its and Bab plants could allow for the capture sector to emerge stronger from the COVID-19
carbon intensity over the next decade. and use of about 2 million tonnes of carbon pandemic with opportunities outweighing
“We all have a role to play and we as an dioxide. challenges, according to ADNOC CEO Dr.
industry can do more on climate change,” Meanwhile, Dr Al Jaber said the “long- Sultan Al Jaber. In his keynote address, Al
said Dr Sultan Al Jaber, Adnoc group chief term fundamentals” of the energy industry Jaber extended his congratulations to US
executive and Minister for Industry and remained intact. President Elect, Joe Biden, and Vice President
Advanced Technology. “We expect that oil demand will grow to Elect Kamala Harris, before sharing an
Dr Al Jaber was speaking at the annual Abu over 105 million barrels per day by 2030 and optimistic outlook for an oil and gas industry
Dhabi International Petroleum Exhibition and continue to supply over half the world’s energy challenged by “strange times”.
Conference, which is being held online this needs for many decades to come,” he said. While stressing that the oil and gas
year due to Covid-19. “At the same time, the petrochemicals industry is facing “new questions every day”,
“Adnoc is already one of the least carbon sector will continue to grow at a healthy pace, with answers appearing “harder to find than
intensive producers in the world ... and through and beyond 2050.” ever before,” Al Jaber said the entire sector
[over] the next 10 years, we will reduce our He noted that 75 million bpd of oil was was unified in meeting the challenges of the
greenhouse gas intensity by ... 25 per cent.” consumed around the world between March pandemic, adding the industry would survive
The company plans to expand its carbon and April. Oil demand was below 90 million fortified.
capture programme to store about five million bpd for only 12 weeks this year. “We are, all of us, in this together,” he said.
tonnes of carbon dioxide annually. “So, we know the world still needs oil and “And together we can come through it… and
Big oil companies have pledged to gas,” he said. Dr Al Jaber also highlighted emerge stronger…much stronger.”
reduce their carbon footprint this year the company’s shift to digitisation and cost The key, Al Jaber said, is the certainty
amid a change in narrative in the fossil fuel efficiencies attributed to artificial intelligence. of a post-COVID upswing in oil and gas
industry prompted by coronavirus-induced “We have saved over $1bn in the last demand and of sector resilience borne out of
restrictions. four years by leveraging big data through its talent base and capabilities. “The months
Movement restrictions, which led to a our Panorama command centre. We have ahead will be challenging, and oil demand
halt in global air and ground transport and captured an additional $2bn by adopting may fluctuate,” he cautioned: “but make no
curbed oil demand, also prompted oil and gas digital drilling,” he said. mistake… the long-term fundamentals of our
companies to re-evaluate their strategies. On Sunday, Schlumberger, the world’s industry remain intact.
BP wrote off oil and gas assets worth $17.5 largest oil and gas services company, said it “We expect oil demand will grow to
billion this year and plans to achieve net zero was joining Group 42 and AIQ to develop over 105 million barrels per day by 2030
carbon emissions by 2050. and sell AI products to the exploration and and continue to supply over half the world’s
Adnoc intends to expand its carbon production market around the world. energy needs for many decades to come,” he
capture, utilisation and storage programme to AIQ is a joint venture between G42 and added. “At the same time, the petrochemicals
handle 5 million tonnes of carbon dioxide by Adnoc to develop and commercialise AI sector will continue to grow at a healthy
2030, up from 800,000 tonnes currently. products and applications for the oil and gas pace through and beyond 2050 in line with
Harvesting carbon dioxide for use in oil industry. a steadily expanding global middle class.
wells has become popular among upstream NATIONAL These are long-term positive trends, and they
highlight the central role that our industry can
and should play in a post-COVID recovery.”
Al Jaber said opportunities are on the
horizon for the industry to become more agile
and safe with a lower cost base. ADNOC, he
said, would seize opportunities to accelerate
its drive to control costs and unlock value
across its portfolio. He disclosed that the UAE
oil major has already saved over $3 billion
over the past four years by leveraging big data
through its Panorama Command Centre and
adopting digital drilling.
Al Jaber also said ADNOC would
strengthen its active trading foothold, which
saw it recently complete its first derivatives
trade. “Next month, we will begin trading the
full portfolio of our refined products and the

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