In an era of unpredictable oil prices, producers who focus on efficiency, value creation, commerciality and excellence will be successful, said Dr. Sultan Ahmed Al Jaber, the UAE Minister of State and CEO of the Abu Dhabi National Oil Company, ADNOC, in his keynote speech at the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, 2016, which started at the Abu Dhabi National Exhibition Centre, ADNEC, here today.

"While we cannot predict the future price of oil, one factor remains well within our control and that is the cost of every barrel we produce. In this new energy era we must reflect on how to make the most of our resources, enhance our performance and find new ways to be more competitive," Al Jaber said.

Held under the patronage of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, the 19th edition of the exhibition is hosting more than 2,000 companies, 25 country pavilions, 700 speakers, 8,500 delegates and 100,000 trade professionals from more than 125 countries.

According to Al Jaber, oil and gas companies can succeed in the new energy era by driving efficiency and leveraging synergies. He, however, stressed that sound, strategic and targeted investments are equally important to enable sustainable growth.

"Time and again, our industry has shown it can engineer around obstacles, create ground-breaking solutions and catalyse human progress," he pointed out. "Today’s new energy landscape calls on us once more to break from old conventions and welcome new paradigms. By embracing the new energy era, we will thrive and we will shape our future," he added.

Citing ADNOC as an example, Al Jaber said the company is not waiting for the times to change, but taking charge of its own future to ensure its resilience and long-term prosperity. Under its new 2030 strategy and five-year business plan, the company will diversify and increase production of its petrochemical portfolio while opening new markets to ensure sustained profitability. It also intends to expand its refining capacity to meet growing demand for refined products.

"We will stretch the margin from every barrel we produce," Al Jaber said. "And by taking full advantage of our geography, at the pivot point between the East and the West, we will capitalise on the world’s fastest growing markets, including Asia, where oil demand is expected to increase 15 per cent and the market for petrochemicals is set to double by 2030.

"To fully unlock those opportunities, we require a new model of partnership across the industry, one that creates real and tangible value by bringing technology, experience, resources and market access to the table," he noted, adding "At ADNOC, we are focused on growth and we are open for business."

Al Jaber’s comments came days after Abu Dhabi’s Supreme Petroleum Council approved ADNOC’s new 2030 strategy and five-year business plan, which seek to deliver a more profitable upstream, more valuable downstream and a more sustainable and economical gas supply, in line with the directives of Abu Dhabi’s leadership. In addition to creating a more commercially viable organisation, ADNOC is also building on its success story by creating a performance-led culture and developing its talent.

"Our most precious resource lies not in the ground, or under the sea, but in the people of our organisations. Investing in our human capital and nurturing a performance-led culture is the best investment we will ever make. And to truly excel, we must take advantage of the entire talent pool, both women and men alike," Al Jaber said.

Oil companies also have a paramount duty to protect their employees and there can be no compromises on keeping them safe. At the same time, they need to ensure the integrity of operations, safeguarding communities and protecting the environment.

"The industry is doing its part to protect the environment, while supplying the energy needed to drive the global economy," Al Jaber noted, speaking on the same day when the COP 22 Marrakech Climate Change Conference opened in Morocco.

ADNOC is producing cleaner fuels for its customers and advancing innovative clean technologies, including the Middle East’s first carbon capture utilisation and storage project, which was inaugurated on Saturday. The facility will capture, use and sequester 800,000 tonnes of CO2 every year.