Saudi Arabian Oil Company (Saudi Aramco) today signed two separate Memorandums of Understanding with Abu Dhabi National Oil Company (ADNOC) and with Masdar, Abu Dhabi’s renewable energy Company, covering energy and technology collaboration, renewables, and carbon management.
The global oil and gas will be a critical enabler of economic growth in the 4th Industrial Age, according to His Excellency Dr. Sultan Ahmed Al Jaber, UAE minister of state and group CEO of the Abu Dhabi National Oil Company (ADNOC).
Under the terms of the MoU between ADNOC and Saudi Aramco, the two companies will collaborate on identifying technologies that could deliver improved operational performance and efficiency across the oil and gas value chain.
Delivering the opening keynote address, today, at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), one of the world’s leading oil and gas conferences and exhibitions, H.E. Dr. Al Jaber said the world is on the verge of an era of unprecedented prosperity.
The MoU was signed by H.E. Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO and Amin H. Nasser, President and CEO of Saudi Aramco. By rapid advances in technology and a global middle class, which will grow to five billion people by 2030, creating greater demand for energy and products derived from oil and gas.
“We are at the cusp of a new age of opportunity for our industry, an era in which digital innovation is delivering unprecedented levels of progress,” H.E. Dr. Al Jaber told the audience of government ministers, industry CEOs, policymakers and decision makers.
Emphasizing the strategic oil and gas announcements, made recently by Abu Dhabi’s Supreme Petroleum Council (SPC), which will see ADNOC increase its oil production capacity to 4 MMbpd by 2020 and to 5 MMbpd by 2030 to meet growing global demand.
“As we set out to meet these ambitious goals, we will access our undeveloped reservoirs, tap into our gas caps and further capitalize on our sour gas. H.E. Dr. Sultan added, “While advances in technology are impacting every industry, it is time for us to focus our attention on how it can advance our industry,” H.E. Amin H.
Nasser said: “We are delighted to have concluded this collaborative agreement with ADNOC. “Our ambition is to extend technology’s power across our entire value chain from drilling platforms to trading platforms,” H.E. Dr. Al Jaber said.
“By embedding innovation into every aspect of our business, 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.
It will strengthen the existing links between our two companies and accelerate key enablers of both our companies’ long-term resilience by fostering a culture of knowledge sharing. The MoU will bring many benefits for both our companies. ADNOC and Saudi Aramco have successful records of investing in technology.
In addition to their in-house networks, both companies have a wide range of collaborative relationships, at home and abroad, with leading energy institutions.”
Saudi Aramco also signed a Memorandum of Understanding (MoU) with Masdar, Abu Dhabi Future Energy Company. Under the terms of the agreement, Masdar and Saudi Aramco will collaborate on sustainable development and renewable energy to yield advancements in clean electricity generation, and carbon capture for Saudi Arabia, the UAE and the world.
The MoU was signed by Yasser Mufti, Executive Director for New Business Development at Saudi Aramco and Mohamed Jameel Al Ramahi, Chief Executive Officer (CEO) of Masdar. Yasser Mufti, Executive Director for New Business Development at Saudi Aramco said: “Saudi Aramco welcomes the MoU with Masdar.
We are embarking on an ambitious program in sustainable energy, including renewables and CO2 capturing and are also supporting the research and development efforts of various organizations and institutes in the Kingdom to promote renewables use in power generation and water desalination.
This MoU,” he added, “will facilitate cooperation in research and development, education and sustainable awareness, on the basis of each company’s experience in the development and deployment of sustainability programs. ADIPEC’s international technical and strategic conference spans 200 sessions, with 980 expert speakers and over 10,400 delegates.
The technical conference program, organized in collaboration with the Society of Petroleum Engineers (SPE), sets the international standard for the exchange of best-practice and operational excellence in the world of energy, with all technical abstract submissions put through a rigorous evaluation process by the technical program committee.
Alongside the conference are the landmark ADIPEC exhibition areas, underpinning the event’s status as a premier showcase for suppliers and customers across the oil and gas industry.
“This important agreement reflects the shared commitment of Masdar and Saudi Aramco to industry collaboration, which is essential in order to ensure that sustainable energy based projects benefit from the best available technology, knowledge and skills,” said Mohamed Al Ramahi, CEO of Masdar. Dr. Al Jaber said.
“This expansion capitalizes on our high-grade feedstock, proximity to growth markets and best-in-class logistics to create an integrated plug and play ecosystem, an ecosystem where I invite partners to invest and grow alongside ADNOC as we continue on our journey to diversify the UAE’s economy, enable in-country value and support GDP growth,” he said.
“At ADNOC, we believe technology can enhance our operational efficiency, drive performance, maximize profitability and empower our people.”
“Working with Saudi Aramco will provide substantial insight into their unparalleled experience of deploying large-scale energy projects, while at the same time we are honoured to be able to share our own significant expertise as a first-mover in large scale commercial renewable energy development in the Middle East and international markets.
“For the first time, we will jointly develop our unconventional fields in a concession partnership with Total. In addition, our strategy will ensure we remain a reliable supplier of LNG well into the future.
” The growth potential for renewables in Saudi Arabia is vast, and through our partnership we look forward to supporting the delivery of affordable and sustainable energy in the kingdom.
For 2018, ADIPEC has attracted more than 2,200 exhibiting companies, including 38 National Oil Companies and International Oil Companies, and 30 international country pavilions.