Adnoc's managing director and group chief executive said that even though the world is transitioning to cleaner energy, the global oil and gas industry needs more than US$600 billion in investment each year to meet growing energy demand.

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Dr. Sultan Al Jaber, who also serves as the Minister of Industry and Advanced Technology, said: “After nearly a decade of underinvestment in our industry, the world has sleepwalked to a shortage of supply. Now is the time to wake up.” As the economy suffers from the Covid-19 pandemic. It has rebounded at the fastest rate in the past year, and demand has exceeded supply. The oil and gas industry will have to invest more than US$600 billion each year, just to keep meeting the expected demand.

The state-owned oil producer plans to substantially increase investment in hydrocarbons and increase its production to 5 million barrels per day by 2030. Oil prices are currently at a multi-year high, supported by the global economic rebound after the prolonged blockade caused by Covid-19. The scarcity of natural gas and coal supplies and the increase in consumption in India and China have led to continued increases in oil and natural gas prices. The international benchmark Brent crude oil fell 0.55% to US$81.72 per barrel, accounting for two-thirds of the world's crude oil trading volume. Dr. AlJaber affirmed OPEC's third-largest producer's plan to increase oil and natural gas production. At the same time, continuous innovation to further reduce carbon intensity. This is the first company to bring carbon capture and storage to the region. It is expanding its carbon dioxide production capacity from 800,000 tons to 5 million tons per year. Key word: engineering construction , Engineering News

According to its decarbonization initiative, the UAE plans to invest US$160 billion in clean and renewable energy in the next 30 years. Adnoc said in October that after signing an agreement with UAE Hydropower, it will meet up to 100% of its electricity demand from solar and nuclear power, which is in line with the UAE’s recent commitment to reach net zero in the medium term. It will become the world's first oil and gas company to fully decarbonize the power grid on a large scale.

Adnoc's clean energy supply will start in January 2022. The initiative was announced by Sheikh Khaledbin Mohamed (Sheikh Khaledbin Mohamed), member of the Abu Dhabi Executive Committee, Chairman of the Abu Dhabi Executive Office and Chairman of the Executive Committee of the Adnoc Board of Directors. The transaction will also lock in Ewec's long-term renewable power offtake protocol.Editor/XingWentao