During his keynote address, he highlighted that the global demand for oil is reaching record highs and shows no signs of abating. ADNOC’s CEO projected that by the end of the year, the global energy demand will reach 100m barrels of oil per-day. In addition to this, he claimed that the petrochemicals sector will become the single largest driver of oil demand growth by 2050.

“Perhaps the most important takeaway from current energy trends is that oil demand continues to gain strength,” Dr Al Jaber said. “Global GDP is at its highest point since 2011, all the major economies are expanding, and we are witnessing the highest growth in Asia. This growth is driving energy demand and reinforcing the role oil and gas play as key enablers of global economic progress.

“Never before in history has the map of the word’s energy needs looked so promising and so rewarding. Today’s evolving energy landscape is filled with opportunities for achieving greater success for our companies, our shareholders and our customers.”

Dr. Al Jaber, pointed out that ADNOC is strategically focusing its efforts on minimizing cost and maximizing value.

The CEO of ADNOC added, “Since 2016, we have reduced our operating expenditure significantly. We’re deploying our capital much more efficiently – and because of this we’re now attracting strategic investors and leveraging capital markets, where and when it makes sense.  At the same time, we constantly seek innovative, commercial, financially savvy and value-add partnerships to enable our ambitious smart growth plans - partners that bring technology, know-how and market access.

“We are also leveraging the power of digital technology, such as AI, machine learning and neural networks to enable us to make better decisions, faster. And, importantly, to drive efficiency across our entire value chain, from reducing drilling time to maximizing the value of every barrel we produce,” he added.

In his speech, the charismatic executive highlighted the recent partnership announced between ADNOC Drilling and Baker Hughes GE. He said the combined capabilities, expertise and knowledge of ADNOC and BHGE will optimize efficiencies, strengthen performance, reduce well completion times and generate strong profits for both parties. He also said it will provide ADNOC with a solid platform to explore expansion into regional markets and allow it to capture more value at home.