Demand for natural gas will continue to rise amid green transition efforts and there is a need to boost investments in the sector, according to top executives.
“Gas will continue to be a key to the energy mix and for the decades to come,” Mansoor Al Hamed, chief executive of Mubadala Energy, told the Adipec event on Tuesday. “So therefore, in order to accelerate the energy transition, it's essential to invest in the gas and gas infrastructure.”
Around $4.9 trillion of investment is needed in the gas business to avoid any supply shortfall by 2030, he said, citing S&P figures.
Natural gas, which emits 50 per cent less carbon dioxide than coal, is considered a key fuel as the world focuses on cutting emissions.
Global LNG (liquefied natural gas) trade hit a high of $450 billion in 2022 amid a surge in European demand after Moscow attacked Ukraine, according to the International Energy Agency.
“There is a robust demand for gas, despite the price volatility. Demand continues to be strong in Southeast Asia where Mubadala Energy has a significant operating position,” he added.
Mubadala Energy, a unit of Mubadala Investment Company, has assets and operations spanning 11 countries, primarily in the Mena region, Russia and Southeast Asia.
The company’s portfolio is around 70 per cent gas, with a working interest production in 2022 of about 500,000 barrels of oil equivalent per day.
Adnoc is also bullish about demand growth for natural gas in the coming years.
Gas demand is increasing in Asia and Europe, and China will lead the future, according to Ahmed Alebri, chief executive of Adnoc Gas.
He said Adnoc saw Southeast Asia as a robust “growing demand” region, with high demand for gas also in Japan, South Korea and Taiwan.
Adnoc Gas, which has access to 95 per cent of the UAE's natural gas reserves, supplies more than 60 per cent of the country's needs. It has also been focusing on exports amid a rise in demand for LNG.
In August, Adnoc Gas, estimated to have the seventh largest gas reserves globally, signed a five-year liquefied natural gas supply agreement with Japan Petroleum Exploration.
The company valued the agreement at between $450 million and $550 million at the time.
Last month, it signed an agreement to supply liquefied natural gas worth $450 million to $550 million to a subsidiary of state-owned energy giant PetroChina.
“We know that natural gas is the least polluting fossil fuel and it is our belief that it is going to stay for a longer horizon maybe four to five decades rather than talking on 10 years or 15 years,” said Akshay Kumar Singh, managing director and chief executive of India’s Petronet LNG.
“So maybe a lot of debate is going on whether it is a transition fuel or destination fuel, but I think that it is going to be a destination fuel. The reason being that the natural gas being available in abundance, there is no dearth of the reservoir and there is no dearth of the consumer.”
Gas consumption will also increase in India as its economy grows and its population increases, he added.
“Our energy basket, particularly with respect to natural gas, is going to increase from current 6 per cent to 15 per cent by 2030,” Mr Singh said.
“This is the stated government policy and all our efforts are being made to ensure that this percentage is achieved, which translates into [an] almost four times increase in present gas consumption.”
India, Asia’s third-largest economy, is focusing on cutting emissions as it aims for a net zero target by 2070 and is turning towards low-emitting fuels like gas.
Sholto Byrnes on Myanmar politics
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
MATCH INFO
Norwich 0
Watford 2 (Deulofeu 2', Gray 52')
Red card: Christian Kabasele (WatforD)
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
COMPANY%20PROFILE%3A
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More from Rashmee Roshan Lall
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Results
Stage 4
1. Dylan Groenewegen (NED) Jumbo-Visma 04:16:13
2. Gaviria (COL) UAE Team Emirates
3. Pascal Ackermann (GER) Bora-Hansgrohe
4. Sam Bennett (IRL) Deceuninck-QuickStep
5. Caleb Ewan (AUS) Lotto Soudal
General Classification:
1. Adam Yates (GBR) Mitchelton-Scott 16:46:15
2. Tadej Pogacar (SLO) UAE Team Emirates 0:01:07
3. Alexey Lutsenko (KAZ) Astana Pro Team 0:01:35
4. David Gaudu (FRA) Groupama-FDJ 0:01:40
5. Rafal Majka (POL) Bora-Hansgrohe
NBA FINALS SO FAR
(Toronto lead 3-2 in best-of-seven series)
Game 1 Raptors 118 Warriors 109
Game 2 Raptors 104 Warriors 109
Game 3 Warriors 109 Raptors 123
Game 4 Warriors 92 Raptors 105
Game 5 Raptors 105 Warriors 106
Game 6 Thursday, at Oakland
Game 7 Sunday, at Toronto (if needed)
Global state-owned investor ranking by size
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UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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MATCH INFO
Final: England v South Africa, Saturday, 1pm
Chinese Grand Prix schedule (in UAE time)
Friday: First practice - 6am; Second practice - 10am
Saturday: Final practice - 7am; Qualifying - 10am
Sunday: Chinese Grand Prix - 10.10am
MATCH INFO
Everton 2 Southampton 1
Everton: Walcott (15'), Richarlison (31' )
Southampton: Ings (54')
Man of the match: Theo Walcott (Everton)
THE%20SPECS
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South Africa World Cup squad
South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
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