Over half of the energy supplies of the world will continue being formed from gas and oil by 2040, stressing the need for the oil industries to continue to meet the rising demand, told the Minister of State and executive officer of Adnoc Group, Doctor Sultan Al Jaber, on the commencement of the Abu Dhabi Petroleum Exhibition and Conference.
The event is taking place at the Abu Dhabi National Exhibition Centre and so far is the largest event of the year, with more than ten thousand delegates from nearly 170 countries taking part.
A total of 150 thousand visitors are expected to attend the event which will last for 4 days.
The event of this year came amidst a hard time for the oil industry, which has witnessed the decreasing prices of oil due to various combined factors inclusive of the trade war between the United States and China, concerns of demand and oversupply, and low rates of economic growth.
Al Jaber passed a statement which said that the industry is being affected on various levels, disturbed by the modern technology, new business, as well as, operating models, new geopolitical order and new forms of energy.
The gas and oil firm of today might be a winner of the future if it does its operations at a higher level of performance and a lower level of cost if it introduces digital into the core of its operations. Also, if it integrates sustainability into its DNA, Jaber added, underscoring the challenges being faced by the gas and oil sector.
Al Jaber told that gas and oil would continue to be an important pillar of the worldwide energy mix, with Adnoc also in line for increasing its production of oil up to 4M barrels per day, as well as, becoming an exporter of gas.
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