Marasi Magazine Issue 35

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لقاء حصري
Conjoining Gas and Renewables
Gas and renewables is projected to be the only energy
sources for which demand is higher in 2050 than its is
today. DNV GL’s 2019 Energy Transition Outlook (ETO)
has provided an independent forecast of developments in
the world energy mix and states that gas will account for
nearly 30% of the global energy supply. While the outlook
provides no single pathway to a decarbonized energy
mix, a collective effort of these energy sources working in
unison will ensure a greater uptake of carbon capture and
storage (CSS) to secure a rapid energy transition.
H.E. Dr. Al Jaber elaborated saying, “The lessons
learned from investing in renewable energy have resulted
in invaluable knowledge which was worth more
than the financial investments that were initially made.
Research has shown that a combination of primarily gas
and renewables will offer the quickest route to delivering
a supply of cost efficient, decarbonized energy in the
lead-up to mid-century. With CCS being only available
technology (as of right now) to decarbonize hydrocarbon
use, we are strategically tackling both our shortterm
and long-term goals while contributing to national
and international targets for climate change mitigation.”
DNV GL’s analysis also foresees global oil demand
peaking in the mid-2020s and gas demand rising until
2033. Subsequently, gas demand is expected to plateau
to gradually plateau as fuel remains dominant until 2050.
While it appears that all major routes to the successful
decarbonizing of gas rely on a heavy commitment to CCS,
the energy industry must also shift its mindset from gas
versus renewables to gas and renewables to achieve this
realization.
H.E Dr. Sultan Ahmed Al Jaber
UAE Minister of State and Director-General and Group
CEO of the Abu Dhabi National Oil Company (ADNOC)
According to H.E. Dr. Al Jaber, the country will continue
providing hydrocarbon energy to the world, but it
will do so in a sustainable manner that protects the environment
and works with ADNOC and its stakeholders to
reduce its carbon footprint by 70% before the half century
mark of this decade. This is an initiative which the
country views as a necessary prerequisite in achieving its
long-term goal of UAE Centennial 2071, while simultaneously
developing the nation’s economy and amplifying its
growth potential.
Embracing Regional Project Influx
With uncertainty shrouding the industry over recent
years, cautious optimism and patient navigation have
been familiar themes in the maritime sector. 2019 has
witnessed a shift in this narrative and warranted a reason
for increased enthusiasm with a large downpour of
financial investment being extended to the Middle East’s
offshore segment. The UAE alone has roughly $130bn
allocated to meet offshore growth targets, and the industry
is seemingly determined to attract even more.
H.E. Dr. Sultan Al Jaber clarified saying, “Current project
demand requires about US$11 trillion of investments in
oil and gas.”
He further added, “The combination of technology and
innovation is changing society at an unparalleled pace,
and the disruptive nature of this is is affecting existing
business models and shaping new ones. Yet, no matter
what enhancements or modifications are made, operating
models will always require energy as its primary
source to function. The industry’s commitment to oil and
gas infrastructure will be the determining factor in meeting
the expected increase in global demand from new industries
that are spurred by changes to the economic and
business landscape.”
“Our leadership has led the charge in
ensuring this vision is achieved for the
UAE by creating an eco-system that
supports all forms of energy from oil and
gas to renewables and nuclear.”
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