Adipec to explore challenges faced by the energy industry on the cusp of change

The in-person event is the first major energy conference following Cop26 in Glasgow

Suhail Al Mazrouei, Minister of Energy and Infrastructure, speaks at the Abu Dhabi International Petroleum Exhibition and Conference. All photos: Victor Besa / The National

Mohamed El-Erian, chief economic adviser of Allianz, addresses a session at Adipec.

Paul Polman, former chief executive of Unilever and co-chair at Global Commission for Economy and Climate, attends a session at Adipec.

Adipec participants attend a session with Paul Polman, former chief executive of Unilever and co-chair at Global Commission for Economy and Climate, holding centre stage.

Adipec will run from November 15 to November 18 at the Abu Dhabi National Exhibition Centre.

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, says oil and gas industry will have to invest more than $600bn annually until 2030 to keep up with expected demand.

Adipec 2021 is the first major global event after Cop26, which concluded on Sunday.

Adipec is said to be a critical bellwether for the fortunes of the energy industry in the middle of great change.

Dr Fatih Birol, left, executive director of International Energy Agency, and John Defterios, Professor of Business at NYU Abu Dhabi attend an Adipec session.

This year's event is taking place after the UAE, Saudi Arabia and Bahrain all committed to achieving a net-zero future by the middle of the century.

Alfred Stern, chief executive of OMV, attends a panel discussion on 'What is the New Normal for Demand?'

Yousef Gamal El Din, anchor of Bloomberg, and Russell Hardy, chief executive at Vitol, during a session on 'Trading Spotlight: The Diversification of Energy Markets'.

Nicolas Terraz, of TotalEnergies, attends Adipec session on 'What is the New Normal for Demand?'

Yaser Al Mazrouei, executive director of Upstream Directorate at Adnoc, attends the Adipec session on 'What is the New Normal for Demand?'

Lorenzo Simonelli, chairman and chief executive of Baker and Hughes, during the Adipec session on 'What is the New Normal for Demand?'

Mansoor Al Hamed, chief executive of Mubadala Petroleum, attends the Adipec session on 'What is the New Normal for Demand?'

Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, attends the opening ceremony at the 37th Abu Dhabi International Petroleum Conference and Exhibition. Photo: @HHMansour via Twitter

Sheikh Mansour bin Zayed and Dr Sultan Al Jaber take in the atmosphere at the 37th Adipec. Photo: @HHMansour via Twitter

Global Big Oil executives and chiefs of national oil companies in the region will convene in Abu Dhabi to advance their upstream plans while they prepare for a world that is increasingly transitioning away from fossil fuels.

The Abu Dhabi International Petroleum Exhibition and Conference, which will run from November 15 to 18 at Abu Dhabi National Exhibition Centre, returns to its in-person format after a year and will address the energy industry under transition.

Adipec 2021 will also be the first major event following Cop26 and will be a critical bellwether for the fortunes of the energy industry in the midst of great change.

"Adipec 2021 returns at a crucial period for the energy industry as we take stock of the outcomes of Cop26 and explore how we can contribute to providing practical solutions to climate change while continuing to ensure stable, reliable and carbon-efficient energy supplies," said Dr Sultan Al Jaber, the UAE's minister of industry and advanced technology, as well as the group chief executive and managing director of Abu Dhabi National Oil Company.

This year's event will take place after the UAE, Saudi Arabia and Bahrain all committed to achieving a net-zero future by the middle of the century.

The commitments are in line with global efforts to limit the warming of the planet to below pre-industrial levels of 1.5°C and to rapidly accelerate the phase-out of polluting fuels such as coal from the global economy, in line with Paris Agreement targets.

"The UN’s Cop26 has shown the importance of bringing world leaders together to deal with a great challenge of our time. The conversation must now move to Adipec, where the industry will be able to explore putting adequate plans into action taking into account the realities of each continent," said Senegalese petroleum and energies minister Aissatou Sophie Gladima.

Adipec will feature high-profile speakers including energy ministers from the UAE, Saudi Arabia, Egypt, India and Russia. More than 160 ministers, chief executives along with over 800 technical experts from around the world will deliver 127 sessions during the trade show, the organisers said.

The conference will also feature economists such as Mohamed El Erian, who will address the changing dynamics in the energy industry.

Ministers from the Opec+ group of countries will also take the stage on day one to address how the exporters' bloc, which has been behind some historic cuts will adapt to the changing world.

Big Oil executives, who last year committed to net-zero targets to become holistic energy companies with smaller hydrocarbon portfolios, will also weigh their future amid higher energy prices.

The global oil industry has been reaping the benefits of buoyant oil prices, which have been trading at multi-year highs following the crunch in demand from Covid-19 last year. Economies have opened up and fuel demand from transportation is almost back to pre-pandemic levels, helping to boost their balance sheets.

The scope for the development of new fuels such as hydrogen, which is being promoted as a viable alternative to fossil fuels in decarbonising the global energy sector, will also be explored at this year's conference.

All participants attending Adipec are required to undergo PCR testing prior to attending the conference and exhibition.