ADNOC: No Transition without Oil and Gas

Share:

ADNOC declares that global efforts to combat climate change must include oil and gas.

ADNOC takes a stand for oil and gas

“This is a great lesson learned. We have to change gears, we have to go back to the drawing board,” said Sultan al-Jaber, who is also UAE Minister of Industry and Advanced Technology, at the first annual Saudi Green Initiative conference in Riyadh.

An aggressive and ambitious energy transition must include oil and gas, he adds.
According to him, basic hydrocarbons are the “spinal cord” of our ability to meet energy needs.
The United Arab Emirates (UAE) has its own clean energy objectives.
Even as they increase their crude oil production capacity.
They recently announced their intention to become carbon neutral by 2050.
According to BP ‘s latest World Energy Statistics report, the country holds the eighth largest oil reserves in the world.
The vast majority is in Abu Dhabi.

In the run-up to COP26

Mr. Jaber’s comments were made ahead of the United Nations (UN) climate change conference due to start on October 31 in Glasgow, Scotland.
Abu Dhabi officials have outlined plans to produce half of the emirate’s energy from clean, renewable sources, includingnuclear power, by 2050.
This would enable the UAE to meet its climate targets under the UN’s Paris Agreement, while freeing up more crude oil for profitable exports and diversifying its economy.
To this end, ADNOC and Mubadala have signed agreements with international oil companies such as Eni and TotalEnergies to explore joint projects in hydrogen, CCUS and renewable energies.
The Emirati company has also signed several agreements to sell blue ammonia, derived from hydrogen, to Japanese companies.

Italian group Eni signs a twenty-year liquefied natural gas supply contract with US-based Venture Global, covering two mn tonnes per year and marking a first for the company from the United States.
The discovery of the Gajajeira field marks a major step for Angola, strengthening its natural gas development strategy and diversifying national energy resources in a context of sector transition.
The Anglo-Dutch company maintains its oil and gas operations on the African continent, betting on offshore exploration and the reactivation of onshore fields, while the institutional and regulatory context remains uncertain.
The expansion of the global oil and gas fishing market is accelerating on the back of offshore projects, with annual growth estimated at 5.7% according to The Insight Partners.
The Voskhod vessel, under US sanctions, docked at the Arctic LNG 2 plant in Russia, marking the second visit by a sanctioned ship to the site this year, according to maritime tracking data.
The Competition Bureau has required Schlumberger to divest major assets to finalise the acquisition of ChampionX, thereby reducing the risks of market concentration in Canada’s oilfield services sector. —
Saturn Oil & Gas Inc. confirms the acquisition of 1,608,182 common shares for a total amount of USD3.46mn, as part of its public buyback offer in Canada, resulting in a reduction of its free float.
Japan has urgently secured several additional cargoes of liquefied natural gas from the United States to avert an imminent electricity supply shortage caused by rapidly declining national reserves expected at the end of July.
OPEC slightly adjusts its production forecasts for 2025-2026 while projecting stable global demand growth, leaving OPEC+ significant room to increase supply without destabilizing global oil markets.
Talks between European Union member states stall on the adoption of the eighteenth sanctions package targeting Russian oil, due to ongoing disagreements over the proposed price ceiling.
The European Commission has unveiled a proposal to prohibit the import of Russian gas into the Union, sparking intense debate on its feasibility, contractual impact and consequences for supply security among several Member States.
Three new oil fields in Iraqi Kurdistan have been targeted by explosive drones, bringing the number of affected sites in this strategic region to five in one week, according to local authorities.
CNOOC Limited announces the discovery of a significant oil and gas reservoir in the buried hills of the Beibu Gulf, opening new opportunities for shallow water exploration off the coast of China.
TotalEnergies’ Mozambique LNG gas project is at the centre of a legal challenge in Washington, following the approval of a $4.7 bn loan by the US Exim Bank, amid security concerns and opposition from civil society groups.
Investors are closely watching U.S. midstream companies’ announcements regarding new gas pipeline expansions targeting promising markets in the West and Northeast, beyond traditional regions in Texas and the Southeast.
PPL Corporation and Blackstone Infrastructure announce a strategic partnership to develop new gas-fired power plants to supply electricity to data centers through long-term contracts in Pennsylvania.
Several major U.S. corporations announce investments totaling nearly USD 90 billion to strengthen energy infrastructure in Pennsylvania, aimed at powering data centers vital to the rapid growth of the artificial intelligence sector.
Nearly USD92bn will be invested by major American and international groups in new data centres and energy infrastructure, responding to the surge in electricity demand linked to the rise of artificial intelligence.
Nouakchott has endured lengthy power interruptions for several weeks, highlighting the financial and technical limits of the Mauritanian Electricity Company as Mauritania aims to widen access and green its mix by 2030.
Between 2015 and 2024, four multilateral climate funds committed nearly eight bn USD to clean energy, attracting private capital through concessional terms while Africa and Asia absorbed more than half of the volume.