Heads of oil and gas majors gathered at Adipec 2023 on Monday and pushed for a “multi-energy” transition as well as boosting spending on technologies intended to reduce emissions from fossil-fuel production.
Oil companies have come under criticism for not moving fast enough on climate targets even as chronic underinvestment in the oil and gas sector adds to crude market volatility.
Brent crude, the benchmark for two thirds of the world’s oil, gained about 22 per cent in the third quarter as Opec+ supply cuts tighten crude supplies.
There has been a “significant uptick” in investment in low-carbon energy as well as conventional energy, but its “nowhere close to where we need to be”, Wael Sawan, chief executive of Shell said during a panel session.
“We need all of it, not some parts of the energy value chain. We need all of that to come together,” Mr Sawan said.
Shell, which reported record profits last year on the back of higher energy prices, will continue to focus on “scalable” and “profitable” business models, he said.
The industry will need to take “multiple pathways” when it comes to the energy transition, Tengku Taufik, chief executive of Malaysia’s Petronas said.
"For a company like us where there's a mandate to not only provide for energy security, we've got to step up to the plate and prepare for the decarbonised systems in the future," he said
“The debate that has always been posed here is: can you keep everyone happy?”
Global energy heads have been urging governments to invest more in oil and gas projects amid an energy crisis, which has been exacerbated by the Ukraine war.
Oil and gas upstream capital expenditure rose by 39 per cent to $499 billion last year, the highest level since 2014, the International Energy Forum said.
However, annual upstream spending needs to increase to $640 billion by 2030 to ensure adequate supplies, the IEF has said.
More oil
“Oil and gas is very much needed in the world and can continue to be produced, if you are producing in a way that’s better,” said Vicki Hollub, the chief executive of Occidental Petroleum (Oxy).
The US-based company is looking to produce more oil from existing reservoirs while reducing emissions, Ms Hollub said.
“We're also doing it in a way that provides energy security, mitigates climate change and provides value for our shareholders,” she said.
In August, Adnoc and Oxy signed an agreement to evaluate investment opportunities in carbon capture and storage (CCS) in the UAE and the US.
The agreement was part of the US-UAE Partnership for Accelerating Clean Energy (Pace), a $100 billion partnership between the two countries announced last year.
BP’s interim head Murray Auchincloss on Monday said further investments in oil and gas would be hampered by supply chain bottlenecks.
“The supply chains are constrained right now. If you tried to do too much, I think you'd go backwards in efficiency,” Mr Auchincloss said.
Speculation grew about BP’s future energy strategy after Bernard Looney, who had been the company’s chief executive since 2020, stepped down last month.
Mr Looney aimed to cut oil and gas production to reduce emissions while investing in clean energy technology such as wind power, hydrogen and electric vehicle charging.
“The strategy is not the embodiment of a single individual. It is the embodiment of a management team and board … and we remain firmly committed to it,” Mr Auchincloss said.
Zayed Sustainability Prize
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The five pillars of Islam
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Results
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Zayed Sustainability Prize
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Coming 2 America
Directed by: Craig Brewer
Starring: Eddie Murphy, Arsenio Hall, Jermaine Fowler, Leslie Jones
3/5 stars
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
AL%20BOOM
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GREATEST ROYAL RUMBLE CARD
The line-up as it stands for the Greatest Royal Rumble in Saudi Arabia on April 27
50-man Royal Rumble
Universal Championship
Brock Lesnar (champion) v Roman Reigns
Casket match
The Undertaker v Rusev
Intercontinental Championship
Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
SmackDown Tag Team Championship
The Bludgeon Brothers v The Usos
Raw Tag Team Championship
Sheamus and Cesaro v Bray Wyatt and Matt Hardy
United States Championship
Jeff Hardy (champion) v Jinder Mahal
Singles match
Triple H v John Cena
To be confirmed
AJ Styles will defend his WWE World Heavyweight title and Cedric Alexander his Cruiserweight Championship, but matches have yet to be announced
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
KILLING OF QASSEM SULEIMANI
The years Ramadan fell in May
Who is Ramon Tribulietx?
Born in Spain, Tribulietx took sole charge of Auckland in 2010 and has gone on to lead the club to 14 trophies, including seven successive Oceania Champions League crowns. Has been tipped for the vacant New Zealand national team job following Anthony Hudson's resignation last month. Had previously been considered for the role.
Read more about the coronavirus
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
The years Ramadan fell in May
The biog
Family: wife, four children, 11 grandchildren, 16 great-grandchildren
Reads: Newspapers, historical, religious books and biographies
Education: High school in Thatta, a city now in Pakistan
Regrets: Not completing college in Karachi when universities were shut down following protests by freedom fighters for the British to quit India
Happiness: Work on creative ideas, you will also need ideals to make people happy
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
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