Countries must share knowledge to solve energy transition problems: Saudi energy minister
RIYADH: “Serious people” must get involved to solve the enigma of the energy transition, according to the Saudi Minister of Energy, Prince Abdulaziz bin Salman.
Speaking at the Abu Dhabi International Petroleum Exhibition and Conference, known as ADIPEC, on October 31, the Minister also insisted that knowledge sharing between countries is necessary to facilitate the course of the energy transition.
The minister further noted that Saudi Arabia and the UAE are working together to become exemplary energy producers that aim to achieve sustainability goals.
“We and the UAE are working hard to prove that carbon sequestration is one solution among many that industry should work hard on,” the Saudi energy minister said.
He added: “We need knowledge sharing to happen. We need to get serious people to get involved with us to provide the solution. Breaking the so-called energy constraints requires a lot of brains, investment and technology.
Prince Abdulaziz bin Salman also reaffirmed Saudi Arabia’s partnership with the UAE in the energy sector.
“There are so many things we could prove together. We must continue to be the two exemplary countries in terms of energy production. We are no longer oil producers, we are energy producers,” he said.
For his part, UAE Energy Minister Suhail Al-Mazrouei said the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are keen to provide the world with the supplies oil it needs.
He added that OPEC+ will always remain a trusted technical organization to balance oil supply and demand.
At the event, Sultan Al-Jaber, CEO of Abu Dhabi National Oil Co., said the world demands maximum energy production with minimum emissions.
Al-Jaber further pointed out that the zeroing of hydrocarbon investments due to natural decline could lead to a loss of 5 million barrels of oil per day per year from current supplies.
“The data is clear. If we cancel hydrocarbon investments due to natural decline, we would lose 5 million barrels of oil per day every year from current supplies. It would make the shocks we have experienced this year look like a minor tremor,” Al-Jaber said.
Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla also shared similar views and noted that the world needs more energy with less emissions, and added that Egypt aims to generate 40% of its energy needs from renewable sources by 2030.
During the event, Hardeep Singh Puri, India’s Petroleum and Natural Gas Minister, said the country was working on renewable energy, including green hydrogen and blue ammonia.
He also warned that the sustainable transition would be jeopardized if the energy-consuming giants were reluctant to push harder for the transition to happen.
“The transition will be severely compromised, especially when major consumer countries do not push to make this transition,” Puri said.
US energy envoy Amos Hochstein said more investment was needed in the oil and gas sector, and added that energy must be priced in a way that allows for economic growth.
Hochstein also noted that the United States’ relationship with the United Arab Emirates is “strong, long-standing and enduring.”