ADIPEC 2018: Oil and Gas 4.0 | 344 (November-December 2018)

On 12-15 November 2018, the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) took place in the UAE.

2018-12-06 16:08 Views 861

This global event was attended by 145 thousand visitors. 2.2 thousand companies were exhibiting in the ADNEC exhibition center, including 42 National and International Oil Companies. More than 10.4 thousand delegates took part in the conference.

LUKOIL was one of the main sponsors and participants of the ADIPEC 2018. The delegation of Company’s top managers, chaired by LUKOIL President Vagit Alekperov, attended the Opening Ceremony, visited major exhibition pavilions, and had several meetings with strategic partners.

Besides that, Vagit Alekperov was invited to ADNOC Round Table and meeting with HH Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of the UAE.

LUKOIL stand has attracted lots of attention from the exhibition’s visitors who were impressed by Company’s performance and had an opportunity to play a VR game, inspired by LUKOIL’s sponsorship of the famous Russian football team Spartak.

HE Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO

Speech on the Opening ceremony of ADIPEC 2018 (Abstract)

Distinguished Guests,

It gives me great pleasure to welcome you to the Abu Dhabi International Petroleum Exhibition and Conference.

ADIPEC will now set the agenda of the global energy conversation and place Abu Dhabi and the UAE firmly at its center.

We are at the cusp of a great leap forward in human progress. Consider for a moment that in 1970, 60 per cent of all the people on earth lived on less than two dollars a day. And today 9 out of 10 have some form of disposable income and more than half the world’s population is now in the middle class.

Prosperity is spreading throughout the entire world. These fundamentals will continue to drive the global economy and with it more demand for energy.

This energy will come from many sources. But make no mistake hydrocarbons will continue to play an absolutely essential part of a diversified energy mix.

In fact, by 2040 despite some of the hype out there oil consumption will rise by at least an extra 10 million barrels per day.

Demand for natural gas will grow by 40 per cent. And demand for higher value petrochemicals and polymers will experience the strongest demand of all, growing an additional 60 per cent.

Digital innovation is delivering unparalleled levels of progress, giving rise to an era we know today as the fourth industrial revolution. This revolution is creating a paradigm shift in global growth and driving demand for our products.

To enable this massive step change in global development our industry must think differently, embrace disruption and step out of our comfort zone. We at ADNOC are giving this mission a simple name - “Oil and Gas 4.0.”

Last week the Supreme Petroleum Council approved ADNOC’s five-year capex program of over 132 billion US dollars.

Importantly, the SPC also approved plans to increase oil production capacity to 4 million barrels per day by 2020 reaching 5 million by 2030. At the same time and for the first time we will access vast untapped volumes of our gas reserves.

As a result we have finally unlocked the commercial formula that will enable the UAE to attain self-sufficiency and to transition into a net-exporter of natural gas. As we set out to meet these ambitious goals we are taking steps never taken before. Just yesterday we signed a historic concession agreement with Total marking the birth of unconventional gas in the UAE.

At the core of “Oil and Gas 4.0” is a basic truth. While advances in technology are impacting every industry, we must now focus on how it can advance our industry. At ADNOC, we believe Artificial Intelligence, Big Data and Block-chain can enhance our operational efficiency, maximize our performance, drive our profitability and empower our people.

Predictive analytics will significantly reduce our operational costs. Our state-of-the-art Panorama Digital Command Center will mine for, monitor and measure terabytes of information across our operations. Yet we are still only scratching the surface of how technology can truly unlock our full potential.

Our ambition is to extend its power across our entire value chain from drilling platforms to trading platforms. We are determined to make ADNOC the destination of choice for a highly skilled, digitally native workforce and a home for the best and the brightest of our young people by embedding innovation into every aspect of our business.

This is a time to unleash our thinking, to reach beyond business as usual, push the boundaries of partnership and fast forward into a bright, progressive future.

Thank You.

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