ADIPEC 2018 – Oil and Gas industry is a critical enabler for global economic growth

/ Financial News / Wednesday, 14 November 2018 11:14

UAE Minister of State and CEO of ADNOC (Abu Dhabi National Oil Company) Dr. Sultan Ahmed Al Jaber, has said that the Oil and Gas industry will continue to be a critical enabler in the economic growth of the world’s economy as industries brace themselves for the advent of the Fourth Industrial Revolution.

The CEO of ADNOC made the claims when he was delivering the opening keynote address at the Abu Dhabi International Petroleum Exhibition and Conference, which is one of the world’s leading oil and gas conferences and symposiums.

Dr. Al Jaber highlighted how the world was on the verge of unprecedented prosperity. According to the ADNOC CEO, this new era will be driven by rapid advances in technology which will create a global middle class of 5 billion people by 2030, and this will increase an exponential rise in the demand for energy and products that are derived from oil and gas.

Dr. Al Jaber said, “We’re at the cusp of a new age of opportunity for our industry – an era where digital innovation is delivering unprecedented levels of progress. This era which has been dubbed the Fourth Industrial Revolution, is creating a paradigm shift in global growth and is driving demand for our products. It is critical that our industry steps up to enable this seismic change in global development.”

The UAE Minister of State added that the energy industry needs to embrace digitalization and utilize the revolutionary benefits of the technology in order to overhaul and enhance its existing operations. In short he said this mission can be renamed Oil and Gas 4.0

At ADIPEC 2018, ADNOC announced that it was set to increase its oil production capacity to 4 million barrels per-day by 2020, and aims to increase it to 5 million barrels per-day by 2030 in order to meet the growing global demand.

The ADNOC CEO concluded by saying, “Today, we’re able to make this happen because we’re thinking outside the box, leveraging technology and reframing our existing business models. This has finally unblocked the commercial formula that will enable the UAE to attain self-sufficiency and transition to become a net exporter of natural gas.”

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