We Cannot Simply Unplug from Oil and Gas, ADNOC CEO Says to ADIPEC

Middle East
17-11-2021 | 14:02
High views
Share
LBCI
Share
LBCI
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
We Cannot Simply Unplug from Oil and Gas, ADNOC CEO Says to ADIPEC
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
2min
We Cannot Simply Unplug from Oil and Gas, ADNOC CEO Says to ADIPEC
CNBC tweeted on Wednesday a video of Minister of Industry and Advanced Technology Sultan Al Jaber stating that “after almost a decade of underinvestment in our industry, the world has sleepwalked into a supply crunch. It is time to wake up.”
 
According to Adnoc's managing director and group chief executive, the global oil and gas industry requires more than $600 billion in yearly investment to keep up with expanding demand for energy even as the world transitions to cleaner forms of energy.
 
 “We cannot just flick a switch” he said to the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
 
He also explained that the demand has surpassed supply as economies recover from the Covid-19 pandemic, at the fastest rate in two years. The oil and gas industry will have to invest over $600 billion every year through 2030 in order to keep up with expected demand.
 
By 2030, the state oil producer wants to invest much more in hydrocarbons and raise its output capacity to 5 million barrels per day.
 
Oil prices are currently at multi-year highs, bolstered by the global economy's recovery following extended periods of lockdown due to Covid-19.
 
Accordingly, Al Jaber backed the call for higher oil and gas production, stressing that at the same time, we are always coming up with new ways to minimize our carbon intensity.
 
 

Breaking Headlines

ADIPEC

ADNOC

Oil

Gas

Sultan Al Jaber

Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use cookies to make
your experience on this
website better.
Accept
Learn More