Ali Rashid Al Jarwan, CEO, Dragon Oil
As the world moves towards cleaner and more sustainable sources of energy, oil and gas operations need to become more efficient to compete against alternative solutions.
In this Global Platform video, Ali Rashid Al Jarwan, CEO of Dragon Oil, discusses the future of energy development and how renewables are being integrated into the energy mix. While the global trend towards environmentally conscious power generation is ramping up competition between companies to come up with more innovative solutions to increasing energy needs, Al Jarwan expects oil and gas to remain key sources of power.
Demand is forecast to increase, mainly by China, India, Japan, South Korea and others. Supply of energy altogether would increase with time because of the population and because of the economic growth and prosperity by every individual of nations to have better life quality, and that means more consumption of energy. The operations worldwide are more fit in terms of pollution. They are reducing pollution, they are protecting the environment.
They are ready for any emergency. So this is continuous improvement.
It’s not one step. It’s step by step, and I think where we’ve achieved now, the industry is a really good standard. In the future, sulphur diesel will be eliminated. That’s a really good step. So I see there will be more demand from the environmental point of view as really all natural gas, because natural gas now we have good network system within countries. This is one, and the LPG and LNG transportation is improving, and you can see the demand on these two products is being maintained and guaranteed almost, because it is direct relationship between gas and power generation, if you like, in Japan, although they don’t have gas. So they are relying on LPG and NEG. This will continue, and it may grow.
But it is not a situation where you will switch rely from oil and gas to renewable. No, it is a continuous journey of energy mix, and every sector of these energies has to be competitive, has to make a good profit, and there are places for so many players. I think the new cycle of oil and gas competitive development focuses mainly on being better than before. We are finding alternative solutions, cost effective solutions, and that’s innovation.
So, everything has a normal, classical solution and has an alternative solution, to make it faster, to make it cost effective. This drives the companies now to be more efficient. You will find they’re emphasising alternative solutions in exploration, in seismic, in drilling, in collection, maintenance, all segments of the operation. So it is essential thing for oil and gas to consider.