Dr Carole Nakhle, Director of Crystol Energy, and Mr Christof Rühl, Head of Global Research of Abu Dhabi Investment Authority, spoke at the Global Energy Forum, a two-day meeting organised by the Atlantic Council, in partnership with the Ministry of Energy of the United Arab Emirates, ADNOC, Mubadala, and IPIC and under the patronage of His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. The forum, took place on 12-13 January 2017, and was part of the Abu Dhabi Sustainability Week.
The high-powered event exhibited speeches from H.E. Suhail Mohamed Faraj Al Mazrouei, UAE Minister of Energy; H.E. Dr Sultan Ahmed Al Jaber, Chairman of Masdar and CEO of ADNOC; Patrick Pouyanné, Chairman and CEO of Total; H.E. Mohammad Sanusi Barkindo, Secretary General of OPEC; H.E. Khalid Al Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia; and Dr Fatih Birol, Executive Director of the IEA; among other distinguished speakers.
Mr Rühl focused on the challenges facing the Middle East region which is the only region in the world where energy intensity continues to rise. He also described the region as the perfect laboratory for a post-oil world of lower revenues and economic growth, raising the question of whether, under such circumstances, the shift to renewable energy will be more difficult.
Dr Nakhle designated the shale technology as one of the most disruptive energy technologies, drastically changing the existing energy market order. Unlike renewable energy which is widespread globally, shale technology remains confined to one country and operates under a harsher regulatory environment. Still, its impact has been global and the contribution of shale oil and gas to the world primary energy mix is almost double that of modern renewable energy even though both technologies emerged around the same time. She concluded by saying that technologies that rely on markets tend to grow much faster than those that rely on government support to be economically viable.
For the full agenda, click here.
To watch all the presentations, click here.