SOUTH GORE – Global oil demand will continue to exceed 100 million barrels per day until 2040, while demand for liquefied natural gas (LNG) and electricity will both increase by more than 50%, the head of Abu Dhabi National Oil Company (ADNOC) said.
Managing director and CEO Sultan Ahmed Al Jaber said at the India Energy Week conference on Tuesday that electricity demand will increase due to the need to power cooling systems, AI infrastructure and data centres.
“Demand of this scale and pace requires investment in all forms of energy,” Al Jaber said. “The biggest risk is not oversupply but underinvestment.”
ADNOC currently counts India as its largest market for LNG, and Al Jaber said the Abu Dhabi state-owned company is also expanding its gas portfolio to Asia and Africa.
India signed a $3 billion deal to buy LNG from the United Arab Emirates this month, making it the UAE’s biggest customer as the two countries’ leaders hold talks to strengthen trade and defense ties.
Under this agreement, ADNOC Gas will supply 500,000 tonnes of LNG per year to India’s Hindustan Petroleum Corporation for 10 years starting in 2028.
The UAE’s climate change fund ALTERRA will also invest in India’s renewable energy sector, Al Jaber said.
(Reporting by Sethuraman NR; Writing by Emily Chow; Editing by Tom Hogue and Christopher Cushing)
