TOKYO 5 April, 2017: Asia’s share of global gas imports will grow from half to two-thirds of demand by 2040, according to Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Abu Dhabi National Oil Company (Adnoc) Group CEO.
He said global demand will increase by 70 per cent.
To meet this demand, US $3 trillion is needed between now and 2040 to upgrade the global gas distribution system, as per the International Energy Agency (IEA), he added.
“The development and application of innovative technology across the entire value chain of our business will be essential to driving efficiency, performance and maximising value from every barrel we produce. We are especially focused on applying enhanced oil recovery technology to improve production levels and enhance value from our existing reservoirs,” Al Jaber added “Today, what is needed is better infrastructure that efficiently links producers to end users.”
Strategic, value-added partnerships are the key to Adnoc’s growth plans, as the company seeks to ambitiously expand its business by opening new markets and offering new, diversified and high-value products, according to .
Speaking at Gastech, the world’s leading gas and Liquefied Natural Gas, LNG, conference and exhibition, taking place in Japan, Dr. Al Jaber said that the industry needs to collectively rethink its partnership models in response to changing market dynamics.
“In this new energy era, the success of our industry and our companies will be driven by long-term, value-added and integrated partnership models across the value chain that leverage innovative technology and market access. Such integrated partnerships will require energy companies to think, plan and act differently to deliver future growth.” the UAE Minister of State said.
He emphasised that technology and partnerships are at the heart of Adnoc’s growth strategy and five-year business plan, which aims to increase upstream capacity and expand its portfolio of downstream products. The company’s crude capacity output is slated to increase to 3.5 mbd by 2018 while its sour gas production, from its Al Hosn facility, will be expanded by 50 per cent.
– By Rajive Singh