UAE's ADNOC CEO pledges US gas investment
ADNOC's international investment arm will begin investing in U.S. Natural Gas in the next few months, according to ADNOC CEO Sultan Al Jaber.
The UAE is a part of OPEC+ and is one of the top oil producers in the world. ADNOC’s wholly owned international investment arm XRG, which has assets of about $80 billion, reported last week that the UAE is considering options for a XRG IPO.
He told the largest gathering of energy executives ever held in Houston that "it is time to make the energy industry great again." This was a nod to the slogan Make America Great Again of U.S. president Donald Trump.
He said that XRG will be investing a lot in the United States over the next few months.
XRG will invest in the entire gas supply chain from exploration to distribution. They want to be a gas one-stop shop, he added.
Trump reversed many of the energy policies that his predecessor Joe Biden had implemented in the first weeks of his presidency. Trump has exhorted industry to maximize production. However, under Biden, there were few controls on production. Oil and gas production reached record levels.
Trump ordered that
The following is a list of withdrawals
In January, the United States withdrew from the United Nations Climate Agreement of Paris. This was the second time since a decade that the United States had been removed from global efforts against climate change.
Jaber said that it is time to implement a pragmatic energy policy as the world requires all types of energy supplies to meet its rising demand.
He said that oil demand will increase from 103 to 109 million barrels a day by 2035. He said that global power demand will increase 70% from 9,000 gigawatts to 15,000 GW by 2035.
He said that the race to be supreme in artificial intelligence was really a game of energy due to the enormous power consumption required for data processing.
He added that XRG is designed to meet the rapidly growing demand for energy in AI.
Jaber presided at the UN's COP 28 climate talks that took place in the UAE in December 2023. It was controversial to appoint a chief executive of the oil industry to lead climate talks. Global warming is caused by emissions from fossil fuels.
Jaber claimed that he wanted to inject realism into the climate change discussions when he was given this mandate. (Reporting and editing by Simon Webb)
(source: Reuters)
