Mon 25-11-2019 19:06 PM
ABU DHABI, 25th November, 2019 (WAM) -- His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, attended the session of "The Future of Oil", during the 3rd UAE Government Meetings, launched on Monday in the Abu Dhabi.
The session was also attended by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai; H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasim, Crown Prince and Deputy Ruler of Sharjah; H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman; H.H. Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi ,Crown Prince of Fujairah; H.H. Sheikh Rashid bin Saud bin Rashid Al Mu'alla, Crown Prince of Umm Al Qaiwain; and H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah .
Dr. Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO, highlighted during his speech at the meeting that the vision of the UAE leadership established a long-term forward-looking vision for the future of energy and oil aiming to enhance the leading and advanced standing of the UAE in the sector. He shed light on the qualitative leap achieved by ADNOC for institutional development and modernization by the adoption of innovation and technology aims to continue to contribute to the achievement of the leadership vision by diversifying sources of income and investment in national talent and business sustainability and shaping the future.
"In line with the directives of the wise leadership and the support and follow-up of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Force, ADNOC has started a comprehensive strategic shift to enhance value in all the business phases and aspects. This strategic shift aims at achieving the vision of His Highness that oil is the backbone of the economy, which has played an important role in enabling the establishment and empowerment efforts. It has a vital role at the present, and it is our responsibility to ensure the continuity of this role in the future by working to create value and investment in human resources and shaping the future", said Sultan Al Jaber.
He pointed out that demand for oil will continue to increase in the coming decades, driven by the growth of demand from emerging Asian economies. Even in the most ambitious scenarios for the deployment of renewable and alternative energy, oil and gas will remain responsible for meeting more than half of the global demand for energy. It is essential to improve performance throughout all phases and aspects of the value chain, investment in petrochemicals and manufacturing industries, to contribute to the diversification and sustainability of the economic growth. The focus on reducing the cost of production is a key factor in the continuity and prolong the investment of hydrocarbon reserves.
He also shed light on the main principles for the achievement of a qualitative leap of the institutional development. These principles included addressing and accepting facts, diagnosing strengths and weaknesses, developing an ambitious vision, forming an effective team, unifying efforts, capabilities and competences, initiating development efforts and making necessary adjustments when necessary. In addition to investing in training and development of national human resources, empowering women and establishing a culture of innovation and excellent performance.
The ADNOC CEO highlighted that ADNOC has focused on reducing costs while increasing production capacity. As well as increasing the spending in the local economy through extension of the In-Country Value (ICV) programme, which generated Dh26 billion for the domestic economy in 2019.
Al Jaber emphasised that the continued growth of the business and the exploration efforts, led to the addition of 7 billion barrels of oil and 168 billion cubic feet in gas reserves. As a result, the UAE has moved up from 7th to 6th place in the ranking of the largest oil and gas reserves in the world. Eventually, achieving the strategy of ADNOC to the UAE gas self-sufficiency, in line with the national strategy to develop the industrial sector and diversify the economy.
He added that ADNOC adopted a model of strategic partnership enhancement that attracted many foreign direct investments and expanded the program to include new partners, reflecting the strong global confidence in the legislative and regulatory system and the safe and stable environment of the UAE.
Noting that the keenness of ADNOC for environmental leadership started since the time of the late Sheikh Zayed bin Sultan Al Nahyan,who directed to stop burning gas, Al Jaber pointed out that ADNOC is today among the least producers in the world in terms of burning hydrocarbons and methane emissions.
Al Jaber stressed the importance of the role of modern technology, such as; Artificial Intelligence and Digital Technology to stimulate the smart growth .ADNOC already started to benefit from these technologies to reduce costs, develop processes and reduce the ecological footprint.
He concluded by emphasising that through teamwork and determination, ADNOC will continue to work towards achieving the vision of leadership in diversifying the economy, investing in the future and ensuring business sustainability.
Al Jaber commended the efforts of the UAE Government Annual Meetings organisers, noting the important role of this pioneering event in coordinating visions, plans and efforts to achieve the vision of leadership in the UAE centennial.