U.A.E. remains committed to delivering on its production obligations to its customers and partners, says Sultan Al Jaber

Abu Dhabi (WAM): Dr. Sultan bin Ahmed Sultan Al Jaber, Minister of State, CEO of Energy Sector at Mubadala, has that U.A.E., as a responsible and reliable energy supplier, remains committed to delivering on its production obligations to its customers and partners. "As a key player in the energy industry, we have a responsibility to protect and shape future energy markets and to carve a pathway that will deliver a sustainable supply of energy to the world, " he said at the inaugural of ADIPEC 2014, which opened yesterday at Abu Dhabi National Exhibitions Centre. "Since our discovery of oil in 1958, we have embraced this responsibility – a responsibility that has required us to innovate to meet the world’s surging demand for energy. We recognise that we cannot fully rely on the resources of today to fully power the economies of tomorrow. Here in the U.A.E. we are taking action at home, and beyond our borders," he said adding, "At home, we are ensuring our long term energy security by extending the life of our hydrocarbon resources through the diversification of our energy portfolio. And abroad, we are expanding our energy footprint by unlocking new sources of oil and gas and by deploying some of the most sophisticated renewable energy projects." "Today, I can comfortably tell you, that the U.A.E. is supplying nearly one gigawatt of clean energy, alongside nearly 3 million barrels of oil per day." Speaking about ADIPEC, he said "Over the last 30 years, ADIPEC has evolved into one of the most meaningful oil and gas conferences in the world. This has been a result of the inspirational vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and the unwavering support of His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the U.A.E. Armed Forces." He observed, "theme of this year’s ADIPEC – Challenges and Opportunities – is more relevant than ever. Since June, we have witnessed the price of Brent crude fall from US116 dollars to just over US 80 dollars this month. This three-year low may raise some concerns, but as we all know, the industry has always undergone short-term price fluctuations influenced by various economic and geopolitical variables. Therefore, we should not be distracted by these price swings. Instead, we should remain dedicated and focused on meeting long-term energy requirements." Sultan Al Jaber, also paid tribute to Christophe de Margerie, the chief executive of French oil company Total, who died last month in an air crash in Moscow, saying, "I would like to take a moment to honour a dear friend and an industry icon. The tragic and untimely loss of Christophe de Margerie has stunned the world. His outstanding leadership and extraordinary character will be truly missed by the industry and by Abu Dhabi." - Emirates News Agency, WAM – http://www.wam.ae/en/news/emirates/1395272224402.html