AlwaysFree: ADIPEC 2022: Top Headlines From The Leading Gathering Of Energy Industry Leaders

• If we zero out hydrocarbon investment, due to natural decline, we would lose 5 million barrels per day of oil each year from current supplies, according to ADNOC CEO, Sultan Al Jaber

According to Zawya's article published on October 31, 2022, ADIPEC is the global energy industry’s top meeting place, where ministers, energy leaders, and professionals gather in Abu Dhabi to engage and identify opportunities in the energy landscape.

ADIPEC is taking place from October 31 to November 3 this year and will include over 2,000 exhibiting companies and 28 international country pavilions.

Stay tuned to get the latest news and info from ADIPEC.

CEO of Abu Dhabi National Oil Co. (ADNOC) Sultan al-Jaber said in his opening address on Monday that cessation of hydrocarbon investment due to natural decline could lead to a loss of 5 million barrels of oil per day a year from current supplies.

• “If we zero out hydrocarbon investment, due to natural decline, we would lose 5 million barrels per day of oil each year from current supplies. This would make the shocks we have experienced this year feel like a minor tremor. If this year has taught us anything, it taught us that energy security is the foundation of all progress – economic social and climate progress," Al-Jaber said. 
• “Our world is on its way to being home to 9.7 billion people by 2050. To meet their needs, the world will have to produce 30 percent more energy than today. And as we meet that need, we will be helping to bring electricity to almost 800 million people who don’t have it today. We will also be helping to transform the lives of the 2.6 billion people who have no access to clean cooking and heating fuels," he added.
• Energy has to be priced in a way that allows for economic growth and that more investment is needed in the oil and gas sector, US energy envoy Amos Hochstein, said.
• Delivering the speech to the energy industry, Dr. Sultan added, “With the COP27 meeting in Sharm el Sheikh next week, and as the UAE prepares to host COP28, our efforts should focus on a new, bold, realistic & pragmatic pathway that benefits humanity, the climate & the economy.
• ADNOC announced a new upstream methane intensity target of 0.15% by 2025 – the Lowest in the Middle East. The announcement of the 0.15% methane intensity target coincided with the publication of the UNEP’s 2022 International Methane Emissions Observatory (IMEO) at the ADIPEC.
• Bernard Looney, CEO at BP said the industry should onboard the fact that clean energy and energy security systems go hand in hand. "Paris agreement was all about emission reduction. May be we need a Paris that focuses on solving big energy issues. What the world needs is a plan not just to lower emissions, but a plan that addresses security and addresses affordability. Many of the things that help energy security will help a cleaner energy system."
• Dr. Samir J. Serhan, COO, Air Products emphasised that the focus on hydrogen should look at emissions, rather than green versus grey. “People think we can switch from grey to green just like that, like turning a switch, but it is not. We need to think about carbon intensity,” he said.
• Anja-Isabel Dotzenrath, EVP - Gas & Low Carbon Energy at BP, said: “Ultimately, carbon intensity has to be our measure. We need to go away from this stigmatisation that it all has to be green. Blue is great as it helps decarbonise as well. We need it all.”
• Software giant Microsoft highlighted the need for companies in the technology sector to support efforts towards carbon reduction and sustainability. The company is showcasing solutions that seek to help energy firms improve operational efficiency and take control of their environmental impact, among others. The energy sector accounts for the majority of greenhouse gas emissions worldwide, so it’s vital that as a technology company, we explore every opportunity to support and enable decarbonsation within the sector and promote sustainable practices,” said Naim Yazbeck, General Manager of Microsoft UAE.

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