×

ADIPEC-2016: Performance key to beat fluctuating oil price says ADNOC Group CEO Al Jaber

“Time and again, our industry has shown it can engineer around obstacles, create ground breaking solutions and catalyze human progress,” said UAE Minister of State and ADNOC Group CEO H.E. Dr Dr Sultan Ahmed Al Jaber.

DSCN2252

Pic credit: Angel Abraham

DSCN2252

Pic Credit:Angel Abraham

Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO emhasised need for efficiency, value creation, commerciality and excellence in an era of fluctuations in world oil prices, while delivering keynote address at ADIPEC 2016 on November 7 in Abu Dhabi.

“While we cannot predict the future price of oil, one factor remains well within our control and that is the cost of every barrel we produce. In this new energy era we must reflect on how to make the most of our resources, enhance our performance and find new ways to be more competitive.”

DSCN2193

Pic Credit:Angel Abraham

By driving efficiency and leveraging synergies, oil and gas companies can succeed in the new energy era, he stressed, adding that strategic, targeted investments are equally important to enable sustainable growth.

“Time and again, our industry has shown it can engineer around obstacles, create ground breaking solutions and catalyze human progress,” said H.E. Dr Al Jaber.

“Today’s new energy landscape calls on us to once more to break from old conventions and welcome new paradigms. By embracing new energy era, we will thrive to shape our future.”

Using ADNOC as an example, H.E. Dr Al Jaber said ADNOC is not waiting for times to change, but taking charge of its own future to ensure its resilience and long-term prosperity.

Under its new 2030 strategy and five-year business plan, ADNOC will diversify and increase production of its petrochemical portfolio, while opening new markets to ensure sustained profitability. It also intends to expand its refining capacity to meet growing demand for refined products.

“We will stretch the margin from every barrel we produce,” said Dr Al Jaber. “And by taking full advantage of our geography, at the pivot point between East and West, we will capitalize on the world’s fastest growing markets, including Asia, where oil demand is expected to increase 15 per cent and the market for petrochemicals is set to double by 2030.”

“To fully unlock those opportunities, we require a new model of partnership across the industry, one that creates real and tangible value by bringing technology, experience, resources and market access to the table,” H.E. Dr Al Jaber said.

“At ADNOC we are focused on growth and we are open for business,” he added.

H.E. Dr Al Jaber’s comments were delivered days after Abu Dhabi’s Supreme Petroleum Council approved ADNOC’s new 2030 strategy and five-year business plan, which seek to deliver a more profitable upstream, more valuable downstream and a more sustainable and economical gas supply, in line with the directives of Abu Dhabi’s leadership

In addition to creating a more commercially minded organisation, ADNOC is also building on its legacy of success by creating a performance led culture and developing its talent.

“Our most precious resource lies not in the ground, or under the sea, but in the people of our organizations. Investing in our human capital and nurturing a performance led culture is the best investment we will ever make. And to truly excel, we must take advantage of the entire talent pool, both women and men alike,” H.E. Dr Al Jaber said.

Oil companies also have a paramount duty to protect their employees, he added, and there can be no compromises on keeping them safe, while at the same time ensuring the integrity of operations, safeguarding communities and protecting the environment.

Speaking on the same day as the COP 22 Marrakech Climate Change Conference opened, in Morocco, H.E. Dr Al Jaber said: “The industry is doing its part to protect the environment, while supplying the energy needed to drive the global economy.”

Other speakers at the event

DSCN2326

Pic Credit:Angel Abraham

ADNOC, he said, is producing cleaner fuels for its customers, and advancing innovative clean technologies, including the Middle East’s first carbon capture utilization and storage project which was inaugurated on Saturday. The facility will capture, use and sequester 800,000 tonnes of CO2 every year.

DSCN2261

DSCN2343

DSCN2103

DSCN2096

Pic Credit:Angel Abraham

Top