By Hatem Mohamed ABU DHABI, (Pakistan Point News - 12th Nov, 2019) ExxonMobil has invested around US$6.5 billion on Upper Zakum oilfield since its involvement in the offshore field in 2006, according to Christian G. Lenoble, President and UAE Lead Country Manager of Exxon (Al-Khalij) Inc.
"Upper Zakum is the second largest offshore field in the world and we are planning to participate in increasing its production to one million barrel per day by 2024. It is a target that involves significant technical challenges to be overcome by quality investments," he told Emirates news Agency, WAM, today.
"There are various scenarios regarding how renewables can pick up. There are many variables on this score. Overall, it’s safe to say that oil demand will continue to grow."
On the impact of the renewables’ rise on demand for conventional energy, the Exxon country head said, "Clearly, renewables’ contribution to the energy mix will definitely be going to increase. There are different scenarios, but undoubtedly renewables’ growth will continue. Natural gas will replace coal. Vehicles will turn electric."
Lenoble spoke highly of the recent listing of Murban crude, saying, "ADNOC is under an incredible transformation journey. It is amazing how many changes we have seen. I have been here for a year and in only one year we have seen so many announcements regarding diversification, upstream, refining, chemicals, midstream, etc."
"The recent announcement on listing Murban is poised to get the full value of the supply chain and this is very impressive and on top of that we see a comprehensive digital revolution."
"Collaboration with ADNOC has been extremely successful over the past years and still. During ADIPEC’s [Abu Dhabi International Petroleum Exhibition and Conference] sessions we highlighted our experience. We talked about drilling and how we are taking full advantage of some of the drilling technology on Upper Zakum’s artificial islands," he said.
"ADIPEC is an important event for us; an opportunity to illustrate our long-term partnership with ADNOC. The theme is very important for us to explain how we fit into this picture and strengthen collaboration with ADNOC from the technology standpoint.
"We are showing a concrete example of how fruitful our cooperation with ADNOC is, and how Exxon is delivering value not only to ADNOC but to the whole country."