Tuesday, 8 November 2016

UAE’s Energy Minister at ADIPEC: Oil Surplus in the Market Is Almost Gone

Abu Dhabi – UAE Minister of Energy, Suhail al-Mazrouei, said that continuous industry developments, combined with a rapidly evolving global economy, are creating an increasingly competitive world energy market.


“This makes it essential that we leverage research, technology, and innovation to optimize both the exploration and production costs of every barrel that we produce,” Mazrouei said.


Speaking on Monday at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), the minister said: “By doing so, our industry will thrive and remain competitive in this new energy world. I am confident that with our collaborative efforts, and by working both harder and smarter, we can help create a sustainable energy future for generations to come.”


Oil prices are at the bottom of the price cycle and the supply glut in the market is almost gone, said UAE’s energy minister.


“We cannot afford to see a hike that stays for long, and we realize that as a producer. We are not greedy to just see a hike that stays for four years, and then we see a [drop]. I think we need some sort of stabilization in the price level and that cannot be done without significant investments,” Mazrouei added.


Sultan Ahmed al-Jaber, UAE Minister of State and Adnoc Group CEO said in his opening speech that future price of oil can’t be predicted, yet one factor remains well within control, and that is the cost of every barrel produced.


Jaber added: “We must define our own destiny instead of having it dictated by externalities. Sound, strategic, and targeted investments are critical and essential to enable sustainable growth.”


Adnoc CEO said that AIDPEC has become the premier destination for the oil and gas industry where they can reconnect, explore new opportunities and debate how to push the boundaries of our industry.


“The new energy era offers great new opportunities, but to fully unlock those opportunities we require a new model of partnership across the whole value chain of this industry — one that creates real and tangible value by bringing technology, experience, financial resources, and market access to the table,” according to Jaber.


“The new energy era offers great new opportunities, but to fully unlock those opportunities we require a new model of partnership across the whole value chain of this industry — one that creates real and tangible value by bringing technology, experience, financial resources, and market access to the table.”


The oil market is shaky, but Jaber said that one factor remained within every producer’s control: the cost of every barrel produced. “We must define our own destiny instead of having it dictated,” he said. “We need to break from old conventions and welcome new paradigms. By embracing the new energy era, we’ll thrive and set our own course and we will, without a doubt, define our own future.”


Held under the patronage of the President of the United Arab Emirates, Sheikh Khalifa Bin Zayed Al Nahyan, and hosted by the ADNOC, ADIPEC will host more than 2,000 exhibiting companies, 8,500 delegates, 700 speakers, and 25 international pavilions, including major oil producing countries, such as the U.S.A., Saudi Arabia, China, and Russia, as well as emerging markets, such as Indonesia, Malaysia, and Spain.


ADIPEC 2016 is held from 7-10 November at the Abu Dhabi National Exhibition Centre (ADNEC), and is themed: “Strategies for the New Energy Landscape.”



UAE’s Energy Minister at ADIPEC: Oil Surplus in the Market Is Almost Gone

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