Hawk Energy's Insight: Key Developments in the Energy Industry
The 26th edition of WETEX will host global companies from the oil and gas sector, along with leading
experts, specialists and decision-makers from this vital industry. They will discuss best practices,
the latest technologies and innovative solutions to enhance sustainability in the sector.
Key topics include reducing oil and gas flaring, carbon capture and storage, improving efficiency
and integrating renewable energy sources. These measures aim to reduce emissions and promote
environmental sustainability, supporting the transition towards a green economy. This aligns with
the United Nations’ Sustainable Development Goals 2030, ensuring environmental protection and
the conservation of natural resources
Saeed Mohammed Al Tayer, MD & CEO of DEWA and Founder and Chairman of WETEX, said, “WETEX has played a leading role as a global platform for exchanging best practices and expertise, as well as exploring the latest technologies and innovative solutions in the energy, water, environment and
sustainability sectors. Given the importance of traditional energy markets as long-standing suppliers for the world’s economies over the past
decades, and their continued role in meeting energy demand to keep pace with economic and population growth, it is crucial to stay ahead of developments
and prepare for new challenges facing the global energy sector, including oil and gas. Ensuring energy security and diversifying its sources is essential for
continued economic and social growth, and for accelerating the transition towards a low-carbon economy.”
The Future Energy Landscape Forum, held over three days at WETEX 2024, will be organised by
Dragon Oil, the Knowledge Partner of WETEX 2024, in collaboration with the Society of Petroleum
Engineers (SPE). The forum will discuss comprehensive strategies for achieving sustainability in
the oil and gas industry, focusing on decarbonisation, increasing efficiency, integrating renewable
energy, and innovative waste management. It will bring together prominent academics, experts,
specialists and decision-makers from around the world to promote sustainable practices and
contribute to a greener oil and gas sector.
Ali Rashid Al Jarwan, CEO of Dragon Oil, said, “We are excited to highlight the importance of
sustainability in our industry. WETEX 2024 provides a platform for industry leaders to discuss
transformative energy solutions. We invite attendees of WETEX to participate in the panel
discussions and workshops that will be presented by our most notable experts.”
The Future Energy Landscape Forum will address the challenges and opportunities for sustainability
in the oil and gas sector, showcasing the latest innovative solutions and technologies shaping the
industry’s future. The forum will cover innovation in renewable energy, decarbonisation, the carbon
circular economy and the potential for adopting blue and green hydrogen as clean energy sources.
Additionally, it will explore how to advance energy diversification.
The first day of the forum will focus on innovative approaches to reducing greenhouse gas emissions
in the oil and gas sector. Day two will highlight the integration of renewable energy sources within
the oil and gas industry to enhance sustainability.
Meanwhile, the final day will explore cutting-edge strategies for effective waste management in the
oil and gas industry.
Saif Humaid Al Falasi, Group CEO of ENOC, said, “As a leading integrated global energy player,
we are proud to have been participating at WETEX for over a decade now and are delighted to partner with DEWA for the event’s 26th edition. We look forward to another edition of thoughtprovoking
discussions that are critical to today’s evolving environment.”
UAE grant Malaysia's Petronas new exploration concession
The National + Hawk Energy Newbase
Abu Dhabi has granted a new oil and gas exploration concession in its Al Dhafra region to Malaysia’s state-owned oil and gas company Petronas as part of efforts to attract investments into the emirate’s energy sector. The Supreme Council for Financial and Economic Affairs awarded onshore block 2 to Petronas, marking the third exploration concession granted to the company, the Abu Dhabi Media Office
reported on Thursday.
This highlights Abu Dhabi’s position as a “trusted and attractive investment destination for global investments in the energy sector,” ADMO said.
“The exploration operations will utilise advanced technology and artificial intelligence solutions, which will contribute to maximising the potential benefits derived from Abu Dhabi’s energy resources,” it added.
The concession award follows the conclusion of Abu Dhabi’s first and second exploration concession bid rounds, launched in 2018 and 2019. These rounds resulted in the allocation of 11 blocks to prominent international energy partners.
Earlier this month, Abu Dhabi awarded an onshore block to an Indian joint venture. Urja Bharat, a venture between state-run energy companies Bharat Petroleum and Indian Oil, was granted production rights for onshore Block 1 in Al Ruwais, after completion of the exploration phase awarded in 2019. The UAE is among the world’s largest oil producers, and more than 95 per cent of the country’s roughly 100 billion barrels of proven oil reserves are in Abu Dhabi. The Emirates, the Arab world’s second-largest economy, and Malaysia initiated talks for a comprehensive economic partnership agreement (Cepa) last year and have held several rounds of discussions.
Malaysia is on track to reach a free-trade agreement with the UAE by the end of the year and aims
to explore a broader trade treaty with the wider GCC economic bloc, a senior official said this month.
Malaysia has “excellent relations with the Middle East” and plans to further boost ties with Arab
economies, the country’s Minister of Investment, Trade and Industry, Tengku Zafrul Aziz, told the
ninth annual Belt and Road summit in Hong Kong.
Last year, the two countries reported bilateral non-oil trade worth $4.7 billion, maintaining the record
levels achieved in 2022.
Europe Can’t Seem to Kick Its Russian Energy Habit
Bloomberg Elena Mazneva and Anna Shiryaevskaya
Three years ago, Russia was the world’s biggest exporter of natural gas and Europe was its top customer. For the continent’s leaders, access to all that cheap Russian energy outweighed any misgivings over doing business with President Vladimir Putin.
Then Russia launched its full-scale invasion of Ukraine, and this overwhelming reliance on a single supplier suddenly looked like a threat to the region’s economic and political security.
Fear that Putin would cut off deliveries of gas, coal and oil to punish European nations for supporting Ukraine prompted a frantic scramble in search of alternative energy sources. The shift was formalized by sanctions on Moscow aimed at de-funding Putin’s war machine. Today, European leaders are hailing an energy supply revolution. Many gas, oil and coal importers dropped Russia in favor of alternative sources. Consumers found ways to use less energy, reducing demand. In the end, the lights stayed on and most factories kept humming — even if many Europeans are now paying more for their energy.
What many aren’t aware of is that Russia remains one of the continent’s most important energy suppliers, and the European Union’s goal to end its dependence on Russian fossil fuels by 2027 will be hard to achieve.
How did Europe get so hooked on Russian energy?
It started more than half a century ago. The Soviet Union needed money and equipment to develop newly discovered giant gas fields in Siberia amid tensions with China and the US. West Germany was hunting for cheap energy to support its fast-growing manufacturing sector.
In 1970, the USSR and West Germany signed a “pipes for gas” deal in which German factories supplied thousands of miles of pipes to carry Russian gas to western Europe. Energy flows grew steadily in the following decades until Germany found it was buying more than half of its gas from
Russia, along with about a third of all its oil.
Germany and other European countries began to shift into wind and solar energy in recent years. But piped Russian gas remained a convenient, affordable option for generating the baseload power needed when the wind wasn’t blowing and the sun wasn’t shining.
How is Europe still using Russian energy?
Imports of Russian fossil fuels to the European Union stood at around $1 billion per month at the end of 2023, down from a high of $16 billion per month in early 2022, according to the Bruegel think tank in Brussels.
Most of those remaining imports were natural gas. Russia still accounted for 15% of the EU’s total gas imports in 2023, behind Norway and the US at 30% and 19% respectively, and ahead of North African countries at 14%, according to data from the European Commission.
Much of that gas arrives in pipelines crossing Ukraine and Turkey. Among the biggest buyers are Austria, Slovakia and Hungary, whose economies are heavily reliant on the fuel.
Big energy consumers including Spain, France, Belgium and the Netherlands are still importing Russian liquefied natural gas on tankers. Some of it ends up being mixed with other gas sources in Europe’s pipeline network, meaning it potentially goes to Germany, despite that country’s pledge to avoid Russian gas.
