Ministry of the Interior highlights the role of national oil companies in shaping low-carbon energy systems
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Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, has affirmed the need for national oil companies to adopt sustainable practices by integrating renewable energy sources, such as solar and wind, into their operations.
He made this statement during a session held during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2023, where energy ministers, decision-makers and experts explored how the business models of national oil companies are evolving to achieve smaller footprints. while operating. successfully in a decarbonized economy. The meeting was headed by Suhail bin Mohammed Al Mazrouei and Haitham Al Ghais, Secretary General of OPEC.
“A good example is the Abu Dhabi National Oil Company (ADNOC), which has a strong decarbonization plan to achieve its commitment to net zero emissions by 2045. It is the first company among its peers to make such a commitment, strengthening its position as a responsible energy company. supplier,”
Al Mazroeui aggregate.
He encouraged national oil companies to focus on improving energy efficiency in their value chains, from extraction and processing to distribution and refining. Implementing advanced technologies and practices, such as digitalization and process optimization, can help reduce energy consumption and related emissions.
Al Mazrouei aggregate,
“As national oil companies strive to achieve a lower carbon footprint, it is imperative that stakeholders collaborate on designing a sustainable path. By developing business models, investing in climate technologies and fostering stakeholder collaboration, these companies can significantly contribute to global efforts to achieve a low-carbon energy system. The future 2050-2060 for oil companies should provide for a diversified energy portfolio, greater energy efficiency and a strong commitment to reduce GHG emissions.”
In addition, the Minister called on oil companies to prioritize the reduction of methane emissions, a powerful greenhouse gas, throughout their value chain. He noted that this can be achieved by implementing best practices, such as improved monitoring and leak detection technologies, which can significantly contribute to reducing methane emissions.
He said,
“The UAE’s zero flaring policy was an important milestone in the country’s path to reducing methane emissions. “Our priority of reducing methane emissions received a big boost when ADNOC committed to achieving zero methane emissions by 2030.”
Al Mazrouei He urged national oil companies around the world to embrace sustainability principles and become part of the solution to global climate and energy challenges.
For its part, Haitham Al Ghais, Secretary General of OPEC, highlighted that national oil companies should be proud of their positive contributions to global energy security, energy affordability and emissions reduction, which are integral components of the energy sustainability trilemma.
The OPEC Secretary General stressed that focusing on one aspect of the trilemma and neglecting the others will lead to unintended consequences and chaos. He noted that the world will continue to need the stability and energy availability that oil has provided for decades.
News source: Emirates News Agency
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