Adnoc defies retreat from oil with push to pump up output | Financial Times

Adnoc defies retreat from oil with push to pump up output | Financial Times

Sultan Al Jaber insists the UAE’s crude will be needed even in a world turning away from fossil fuels
© FT montage; Bloomberg

Some of the world’s biggest oil groups are increasingly on the defensive, as investor pressure over climate change forces them to retreat from dirtier businesses and funnel cash into greener energy.  

But Sultan Al Jaber, head of the Abu Dhabi National Oil Company, is unapologetic for accelerating crude output — and is primed to swoop in. 

“We see the writing on the wall and see opportunity from decisions being taken from other companies,” he told the Financial Times. 

Mr Jaber has a singular vision: to raise the output capacity of the United Arab Emirates — already Opec’s third-biggest producer — from around 3m barrels of oil a day in 2016 to 5m b/d by 2030. 

“We will not leave any opportunity unturned,” he said. “We are continuing exploration programmes, identifying proven reserves, increasing production and, wherever we can, we will attract strategic partners.”