The United Arab Emirates pledged to increase oil production to 3.5 million barrels per day to meet energy demand by 2017 as Abu Dhabi International Petroleum Exhibition and Conference (Adipec) got under way in Abu Dhabi on Monday.
Thousands of oil and gas industry professionals from across the world are attending the four-day event. It was inaugurated by Shaikh Hazza Bin Zayed Al Nahyan, National Security Adviser.
On the first day, discussions focused on talent shortages and filling the gap, challenges facing the industry for the next 30 years, oil concessions and the plunge in global oil prices due to increased production and lack of demand.
A number of major oil companies like Saudi Aramco, Qatar Petroleum, British Petroleum, Shell, Total, Abu Dhabi National Oil Company (Adnoc) are taking part in the event. Overall 16 national oil companies and 17 international companies are attending this year’s Adipec.
Suhail Mohammad Al Mazroui, Minister of Energy, said that Adipec was one of the largest oil and gas conferences to bring together companies and professionals from the industry.
“The increasing number of participants indicate the importance of the event in linking the different oil and gas sector industry stakeholders together to discuss the challenges we face.”
Abdullah Nasser Al Suwaidi, director-general of Adnoc, said that it will increase crude oil production capacity to 3.5 million barrels per day by 2017. “We reaffirm our commitment to meet growing global demand for energy.”
Present production oil production is around 2.8 million barrels per day.
Al Suwaidi said the issues of health, safety and environment took priority.
“The ever-increasing need for sustainable energy sources must be balanced with dedication to issues of health, safety, and the ever-increasing field of eco-awareness, where the UAE continues to make great strides at an international level.”
Addressing an audience of delegates and industry professionals, keynote speaker Dr Michio Kaku from the US highlighted the impact of science and technology on energy production. An acclaimed physicist and authority on the environment, Dr Kaku also offered insights into the ever-growing global energy demand.
“What we will definitely start seeing more of is digitalisation of the oilfields,” Dr Kaku said. “In the next 10 to 15 years, the internet will be accessible through our contact lenses, allowing workers on oilfields to identify and communicate with one another. Since workers come from across the globe, this contact lens will not only provide an image of what the other individual is seeing, but also subtitles in any preferred language, immediately translating what is being spoken.”
Looking at 15 years from now, carbon sequestration, in which carbon dioxide is extracted from plants and then injected into oil wells to push oil into the pumps, is also another technology currently under development.
“This is a win-win for both the environment and the energy sector,” Dr Kaku said.