The global oil and gas industry will be a critical enabler of economic growth in the 4th Industrial Age, according to Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company (ADNOC).
Delivering the opening keynote address, at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Al Jaber said the world is on the verge of an era of unprecedented prosperity driven by rapid advances in technology and a growing middle class, globally, which will create greater energy demand.
“We are at the cusp of a new age of opportunity for our industry, an era in which digital innovation is delivering unprecedented levels of progress,” Al Jaber said. “This era, known as the 4th Industrial Age, is creating a paradigm shift in global growth and driving demand for our products. Our industry must step up to enable this massive step-change in global development.
“In short,” he added, “this mission can be given a simple name: Oil and Gas 4.0.”
He said that ADNOC’s latest steps towards digitalisation, including BHGE’s acquisition of a 5% stake in ADNOC Drilling, mark the “start of a new era.” This follows the company’s announcement of a $132bn capex plan and goals to hit 5mn barrels per day of production by 2030. The company also plans to tap the country’s gas resources to move towards gas self-sufficiency.
“As we set out to meet these ambitious goals, we will access our undeveloped reservoirs, tap into our gas caps and further capitalize on our sour gas,” he said. “Today, we are able to make this happen by thinking outside the box, leveraging technology and reframing our business model. This has finally unlocked the commercial formula that will enable the UAE to attain self-sufficiency and transition to becoming a potential net exporter of natural gas.
“We are also taking steps, never taken before, to realize our comprehensive gas strategy.
“For the first time, we will jointly develop our unconventional fields in a concession partnership with Total. In addition, our strategy will ensure we remain a reliable supplier of LNG well into the future.
“While advances in technology are impacting every industry, it is time for us to focus our attention on how it can advance our industry,” Al Jaber added. “At ADNOC, we believe technology can enhance our operational efficiency, drive performance, maximize profitability and empower our people.”
ADNOC, he said, is applying artificial intelligence and the science of predictive analytics to significantly reduce maintenance costs and building out its state-of-the-art Panorama Digital Command Center to mine for, monitor and measure terabytes of information across its operations.
“Our ambition is to extend technology’s power across our entire value chain from drilling platforms to trading platforms,” Al Jaber said. “By embedding innovation into every aspect of our business, we are determined to make ADNOC the destination of choice for a highly skilled, digitally native workforce and a home for the best and the brightest of our young people.”
He also emphasised the importance of ADNOC’s downstream expansion. “This expansion capitalises on our high-grade feedstock, proximity to growth markets and best-in-class logistics to create an integrated plug and play ecosystem, an ecosystem where I invite partners to invest and grow alongside ADNOC as we continue on our journey to diversify the UAE’s economy, enable in-country value and support GDP growth,” he said.
