‘Maintaining investment in oil and gas critical for economic progress’

‘Maintaining investment in oil and gas critical for economic progress’

Energy security is essential for social, economic and climate progress and the responsibility of the energy industry in maintaining energy security has never been clearer, according to Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of Abu Dhabi National Oil Company (Adnoc). Speaking at the Energy Intelligence Forum in London, Dr. Al Jaber said: “Market sentiment does not reflect the real underlying fundamentals, tight spare capacity and long-term demand growth. Therefore, policies aimed at pulling the plug on the current energy system, before we have built the new one are misguided.” He added for economic progress to be maintained, substantial investment is required in hydrocarbons, the energy source the world will rely on well into the future. “We have seen that all progress starts and ends with energy security. And, as the world’s energy leaders, our responsibility in maintaining that energy security has never been more evident,” Dr Al Jaber said. “Yes, we must all commit to mitigating the impact of global energy supplies, but let’s keep our focus on capturing carbon, not cancelling production. Let’s hold back emissions, not progress.” He explained that partnership with the energy sector is