Adnoc will explore the potential of new fuels such as hydrogen as it moves to reduce its carbon intensity over the next decade.
“We all have a role to play and we as an industry can do more on climate change,” said Dr Sultan Al Jaber, Adnoc group chief executive and Minister for Industry and Advanced Technology.
Dr Al Jaber was speaking at the annual Abu Dhabi International Petroleum Exhibition and Conference, which is being held online this year due to Covid-19.
“Adnoc is already one of the least carbon intensive producers in the world ... and [over] the next 10 years, we will reduce our greenhouse gas intensity by ... 25 per cent.”
The company plans to expand its carbon capture programme to store about five million tonnes of carbon dioxide annually.
Big oil companies have pledged to reduce their carbon footprint this year amid a change in narrative in the fossil fuel industry prompted by coronavirus-induced restrictions.
Movement restrictions, which led to a halt in global air and ground transport and curbed oil demand, also prompted oil and gas companies to re-evaluate their strategies.
BP wrote off oil and gas assets worth $17.5 billion this year and plans to achieve net zero carbon emissions by 2050.
Adnoc intends to expand its carbon capture, utilisation and storage programme to handle 5 million tonnes of carbon dioxide by 2030, up from 800,000 tonnes currently.
Harvesting carbon dioxide for use in oil wells has become popular among upstream operators looking for more sustainable ways to increase the productivity of mature fields.
Adnoc has used carbon dioxide captured by Al Reyadah Company, which sources gas from industrial factories in Mussafah, to enhance oil recovery.
The state-owned oil company also plans to harvest 2.4 million tonnes of carbon dioxide from the Shah gas plant, while the Habshan and Bab plants could allow for the capture and use of about 2 million tonnes of carbon dioxide.
Meanwhile, Dr Al Jaber said the “long-term fundamentals” of the energy industry remained intact.
“We expect that oil demand will grow to over 105 million barrels per day by 2030 and continue to supply over half the world’s energy needs for many decades to come," he said.
"At the same time, the petrochemicals sector will continue to grow at a healthy pace, through and beyond 2050.”
He noted that 75 million bpd of oil was consumed around the world between March and April. Oil demand was below 90 million bpd for only 12 weeks this year.
“So, we know the world still needs oil and gas,” he said.
Dr Al Jaber also highlighted the company’s shift to digitisation and cost efficiencies attributed to artificial intelligence.
“We have saved over $1bn in the last four years by leveraging big data through our Panorama command centre. We have captured an additional $2bn by adopting digital drilling,” he said.
On Sunday, Schlumberger, the world's largest oil and gas services company, said it was joining Group 42 and AIQ to develop and sell AI products to the exploration and production market around the world.
AIQ is a joint venture between G42 and Adnoc to develop and commercialise AI products and applications for the oil and gas industry.
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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MATCH INFO
Real Madrid 3 (Kroos 4', Ramos 30', Marcelo 37')
Eibar 1 (Bigas 60')
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
