Adipec 2023, the Middle East’s largest energy event, showcased efforts by oil and gas companies to reduce carbon emissions and highlighted the latest technology transforming the sector. With the UN climate summit approaching, Adipec set the stage for a more inclusive and equitable Cop28.
Oil and Gas Companies Edge Closer to Climate Action
More than 20 oil and gas companies, including TotalEnergies, have “positively answered” the call for climate action, said Cop28 President-designate Dr Sultan Al Jaber. Fossil fuel producers are expected to be at the table for climate debates amid growing recognition that investment in all forms of energy is necessary to meet global challenges.
Encouraging Number of Technology Agreements
Adipec saw a large number of deals focused on technology as companies look to boost efficiency and lower emissions. Adnoc awarded a contract valued at more than $400 million to US oilfield technology company Baker Hughes for the supply of all-electric compression systems for its liquefied natural gas project in Ruwais. Adnoc Gas also awarded a $615 million contract to oil services company Petrofac to build one of the largest carbon capture projects in the Mena region.
Clean Energy Push
Clean energy adoption is gathering pace in the UAE, with a UAE-made electric vehicle showcased at Adipec. The Rabdan One, a five-seater SUV, was prominently featured at the Ministry of Industry and Advanced Technology’s booth. Abu Dhabi clean energy company Masdar has continued its investment in global renewable energy projects, including a venture with W Solar Investment in Tajikistan to explore clean energy projects.
Energy executives used Adipec to emphasise the need for investment in the oil and gas sector, which has seen record low levels of spending. Opec secretary general Haitham Al Ghais warned that underinvestment posed a severe risk to energy security. The oil and gas industry will require $14 trillion, or $600 billion a year, in investment from now until 2045 to ensure energy security.
Summary: Adipec 2023 highlighted efforts by oil and gas companies to reduce carbon emissions and showcased the latest technology transforming the sector. More than 20 oil and gas companies have answered the call for climate action ahead of Cop28, while a large number of deals focused on technology were signed at the event. Clean energy adoption is gathering pace in the UAE, while energy executives warned that underinvestment posed a severe risk to energy security.