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Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company, ADNOC, on Thursday, participated in the second annual Bloomberg Global Business Forum, which brought together global leaders, from public and private sectors, to help shape the next phase of global economic growth.
Held in New York, alongside the UN General Assembly, the forum encourages presidents, prime ministers and CEOs to collaborate on economic issues by reaching a better understanding of the mutual opportunities to strengthen global prosperity.
During the day-long forum, Dr. Al Jaber took part in two roundtable sessions, the first of which focused on how companies are embracing technology advances to increase efficiencies and remain successful, and the second on increasing access to energy to drive greater and sustainable global economic expansion.
"We live in a world where the pace of innovation is affecting every industry and cutting across every aspect of business. The energy sector can maximise its efficiency and effectiveness by applying the latest technologies from artificial intelligence, digitisation and data analytics. The fast adoption of these breakthrough technologies will help ensure we meet the world’s growing energy needs, create new market opportunities and address inequalities in access to energy," Dr. Al Jaber said.
Others taking part in the forum included Michael Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies; William J. Clinton, 42nd President of the US; Theresa May, First Lord of the Treasury, Minister for the Civil Service and Prime Minister of Great Britain and Northern Ireland; Cyril Ramaphosa, President of South Africa; Ivan Duque Marquez, President of Colombia; Erna Solberg, Prime Minister of Norway; Christine Lagarde, Managing Director of the International Monetary Fund; and Patrick Pouyanne, CEO of Total – among other leading government and business figures.
Dr. Al Jaber said the UAE's leadership has long recognised the importance of technology as an enabler of prosperity, adding that the effective deployment of advanced technology is one of the four main pillars of the UAE Centennial 2071 project, which seeks to build a competitive national economy based on knowledge, innovation and future applications utilising physical, digital and dynamic technologies.
ADNOC, he said, is supporting this goal by sourcing and deploying the latest technologies and applications to enhance efficiencies, productivity and profitability across its oil and gas operations, as it positions itself to thrive in a rapidly evolving energy market that will see global energy demand grow 25 percent by 2040.
In 2017, ADNOC launched two digital command centres, Panorama and Thamama, which use the latest digital technology to enable the smart decisions necessary to optimise the organisation’s performance, drive efficiencies and rationalise costs across its integrated Upstream and Downstream operations.
ADNOC is also expanding its use of Carbon Capture, Use and Storage technology, replacing rich gas with CO2 injection into ADNOC’s maturing fields, enabling more productive use of valuable clean-burning natural gas, whether for power generation, desalination, or as petrochemicals’ feedstock.
In July, the company announced plans to conduct the world’s largest continuous 3D onshore and offshore seismic survey, using industry-leading technologies to identify and unlock new oil and gas reserves.
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