ADNOC: $11 Trillion Needed to Meet Future Global Energy Demand
September 10, 2019, 7:26 am

ADNOC: $11 Trillion Needed to Meet Future Global Energy Demand

Dr. Sultan Ahmed Al Jaber, Minister of State and Group CEO of the Abu Dhabi National Oil Company, ADNOC, said Monday that the long-term outlook for global energy demand was “robust” and about US$11 trillion of investment in oil and gas are needed to keep up with current projected demand.

In a world that needs more energy with fewer emissions, ADNOC will continue to prioritize responsible production as it expands its operations, he said.

He also said that the state oil company was on track to raise its oil production capacity to 4 million barrels per day by 2020 and 5 million bpd by 2030.

“In parallel, by tapping into gas caps, undeveloped reservoirs and unconventional resources, we are unlocking vast reserves of natural gas," Al Jaber told an energy conference in Abu Dhabi.

Meeting the world’s energy needs - responsibly and economically - will require a renewed spirit of partnership, he said.

He noted that this includes partnerships with new sets of investors, who value long-term sustainable returns; partnerships between energy companies where best practices are shared, technology is leveraged, and capital efficiency is maximized; as well as partnerships between consuming and producing nations that recognize the shift in demand from West to East.

"Given our location, the UAE is perfectly positioned to cater for the new frontiers of market growth. We stand ready to forge strategic, value-add, commercial partnerships with governments, industry leaders, and innovators across the entire energy sector,” Al Jaber added.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.