AlwaysFree: ADNOC To Look At Clean Energy Expansion: CEO

ADNOC CEO Sultan al-Jaber on Wednesday said that the company would look at expanding into clean energy, including investments in hydrogen. Hydrogen is a potential clean fuel as it emits only water vapour. However, it has failed to gain popularity due to high production, transportation, and storage costs. Despite the push into clean energy, Al-Jaber said that hydrocarbons would remain ADNOC’s core business by 2030. He said that the world will still need oil and gas to meet half of its energy requirements for many decades to come even as energy transition happens rapidly. Al-Jaber also noted that ADNOC is on course to reach a target to increase oil production capacity to 5 million bpd by the next ten years.