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Abu Dhabi / WAM
Under the patronage of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Abu Dhabi on Monday hosted the 36th virtual edition of the Abu Dhabi International Petroleum Exhibition Conference (Adipec).
The gathering oil and gas industry leaders has seen almost 20,000 participants registering for the online event. Adipec 2020 offers an opportunity for global industry leaders to assess the emerging landscape of the oil and gas sector in the wake of Covid-19 pandemic.
Oragnisers say Adipec 2020 will focus on the strategies that will lead to long-term success – considering the long-term impact of the crisis on the global economy, supply and demand for energy, and the implications Covid has had on the global energy transition.
Adipec’s Strategic Conference will focus on how the energy sector is responding and adapting to the Covid-19 pandemic against a backdrop of rapidly increasing pressure to become more sustainable.
With the shift to a low carbon world driven by increasingly motivated societal, investor and government pressures, the need for the hydrocarbon sector to transform is paramount.
Against this background, Adipec 2020, albeit virtual, will play an important role in developing the thought-leadership, direction and strategies that will inform the energy industry to navigate this complex time.
Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Group CEO of the Abu Dhabi National Oil Company (Adnoc) delivered the opening keynote address, in which he emphasised the importance of the oil and gas industry in enabling economic development in the post-Covid recovery by ensuring a steady and reliable supply of energy to power growth.
Following Dr Al Jaber’s speech, a special ministerial panel discussion took place virtually featuring Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure; Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia; Pavel Sorokin, Deputy Minister of Energy of the Russian Federation; and Mohammad Barkindo, Secretary-General of the Organisation of Petroleum Exporting Countries, OPEC.
HRH Prince Abdulaziz bin Salman Al-Saud, Minister of Energy, KSA, said:” We are going through the same transformative mode in Saudi Arabia, we’re converting our power sector to more towards renewable and gas. We are powering and energising the world economy, but we are doing it in a sustainable way.
”I would argue that OPEC has been and continues to take a proactive role. The OPEC agreement goes all the way beyond 21 to the end of April, with the caveat that we could also decide to extend it for the rest of 2022.”
”We are powering and energising the world economy, but we are doing it in a sustainable way,” he added.
Pavel Sorokin, Deputy Minister of Energy, Russia, said:”We have to be responsible and ensure there is enough investment into hydrocarbons to ensure consumers globally continue to receive affordable energy.
”It is too early to say we are past peak demand we are far from it. We see demand continuing to grow for the next 15 years at least. It is too early to say the era of oil is over.
”We are in an era of volatility with severe price fluctuations. What is happening now the industry is cleansing itself and we are seeing consolidation,” he added.
Mohammed Barkindo, Secretary General, OPEC, noted that:” We are seeing a contraction of nearly 9.8 million barrels a day for 2020 but our 2021 forecasts are continuously being revised upwards, we are now north of 6.5. million barrels a day, at the moment, and you have seen the action of the markets after the US elections. So there is no cause for alarm.
”The 2021 forecasts are continuously being revised upwards, we are now north of 6.5. million barrels a day, at the moment, and you have seen the action of the markets after the US elections. So there is no cause for alarm.
”Our numbers here in Vienna show that to date, including government guarantees, we have cumulatively on a global scale stimulus packages in the region of nearly 25 trillion US dollars, which is about 20 percent of the global GDP.
He added :”We look forward to continuing our energy dialogue in the months and years to come with the US, as the US has a special place on the table in terms of global energy transition.”
ADIPEC is taking place virtually from November 9-12. Hosting over 70 ministers, CEOs, and global oil and gas business leaders as speakers, ADIPEC has convened the companies, decision, and policymakers who shape the future of the oil and gas industry for four days of focused business, dialogue and knowledge-transfer that addresses today’s energy challenges and defines tomorrow’s hydrocarbon landscape.