Mission Oil and Gas 4.0: Enabling Global Prosperity in the 4th Industrial Age
In order to achieve these goals, we recognize that we cannot rely on business as usual, but must think and act differently in how we integrate technology, upskill our people, broaden our partnerships and demonstrate environmental leadership.H.E. Dr Sultan Ahmed Al Jaber, ADNOC Group, CEO | Updated: 15-08-2019 19:59 IST | Created: 10-08-2019 18:41 IST
For the first time in history, more than half of the global population is made up of middle-class consumers. This milestone marks a pivotal moment in human progress and is the outcome of a remarkable period of economic growth over the past 50 years. By 2030, the middle class is set to expand to 5 billion and will drive global demand for energy and higher value products as we enter the fourth industrial age. Just as the oil and gas industry was essential to powering economic growth in previous eras, so this sector will remain essential to enabling a massive step-change in global development. The goal for the oil and gas industry, therefore, is not simply to keep up but to sustainably stay ahead of this demand. This is a mission we at ADNOC are calling "Oil and Gas 4.0."
We have set ambitious goals to enable us to deliver on the mission of Oil and Gas 4.0 and responsibly meet the energy demands of this era. We are committed to increasing our oil production capacity to 4 million barrels per day by 2020 and extending to 5 million barrels per day by 2030. In addition, we will increase gas production by unlocking vast reserves of untapped gas, to enable the UAE first to achieve gas self-sufficiency, and potentially transition to a net exporter.
In order to achieve these goals, we recognize that we cannot rely on business as usual, but must think and act differently in how we integrate technology, upskill our people, broaden our partnerships and demonstrate environmental leadership. At ADNOC, we are embracing breakthrough technology to drive efficiencies across our operations. We are applying predictive analytics to significantly reduce our maintenance costs and avoid system failures. And our Panorama digital command centre monitors and manages millions of business-critical data points in real-time, empowering our most important asset- our people-to make smarter, quicker decisions. A key success factor for meeting tomorrow's challenges will be attracting a digitally native workforce and nurturing a performance-led, commercially focused culture. ADNOC's business model has always been based on partnership. In today's fast-evolving energy landscape, we are expanding our partnership model to engage new markets, new industries and new sources of capital. We have established the first concession agreements with India and China. We have brought in strategic equity partners into our upstream, downstream and marketing businesses and we have opened up to new categories of investors, including major private equity players- all with one goal in mind: creating greater value from our assets and resources.
As ADNOC responds to the growing needs of an energy thirsty world, we take our environmental responsibilities very seriously and are harnessing the best-proven technology to mitigate our footprint. We have established the first commercial-scale carbon capture and storage facility in the region and have built on the legacy of our founding father, the late Sheikh Zayed bin Sultan Al Nahyan, who established a zero intentional flaring policy for our industry, and today we have the lowest methane intensity in the industry. By opening ourselves to the benefits of technology, embracing creative thinking and pushing the boundaries of partnership, the oil and gas industry will continue to enable sustainable global prosperity in the 4th industrial age.
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DISCLAIMER: Except for the headline and minor editing, this write-up has been published from 'The 24th World Energy Congress Preview'. Devdiscourse is Media Partner of World Road Congress 2019 being organized in Abu Dhabi on 9-12 September 2019.
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- The 24th World Energy Congress Preview