WEBVTT

00:00:19.920 --> 00:00:22.680
Oil and gas is one of the key
industries in any conversation

00:00:22.680 --> 00:00:25.240
around decarbonization today.

00:00:25.240 --> 00:00:26.960
Direct emissions from the sector account

00:00:26.960 --> 00:00:29.160
for 10% of global emissions,

00:00:29.840 --> 00:00:33.920
and oil and gas usage represent a further 35%,

00:00:34.560 --> 00:00:35.680
While oil and gas will remain

00:00:35.680 --> 00:00:38.040
part of the global energy mix,

00:00:38.040 --> 00:00:40.920
a non combustion usage of oil and gas will remain necessity

00:00:40.920 --> 00:00:42.600
over the coming decades.

00:00:42.600 --> 00:00:45.080
Transitioning away from fossil fuels

00:00:45.080 --> 00:00:47.280
is critical to address global warming

00:00:47.280 --> 00:00:51.040
and keep the 1.5 degrees goal within reach.

00:00:51.440 --> 00:00:53.800
Global competition is likely to continue to grow

00:00:53.800 --> 00:00:56.160
as countries prioritize energy security

00:00:56.160 --> 00:00:57.640
and develop more affordable

00:00:57.640 --> 00:01:00.120
and lower carbon intensive oil and gas,

00:01:00.120 --> 00:01:03.680
eventually calling
for more selective investment conditions.

00:01:03.680 --> 00:01:05.080
Middle Eastern companies

00:01:05.080 --> 00:01:07.200
are already at the forefront of this race,

00:01:07.200 --> 00:01:09.800
producing some of the world's cheapest and least

00:01:09.800 --> 00:01:12.120
carbon intensive oil and gas in the world.

00:01:12.560 --> 00:01:15.160
However, more can be done.

00:01:15.160 --> 00:01:16.920
Improvements in energy efficiency,

00:01:16.920 --> 00:01:18.320
flaring reduction,

00:01:18.320 --> 00:01:19.680
methane emissions abatement

00:01:19.680 --> 00:01:21.120
and transparency and reporting

00:01:21.120 --> 00:01:22.960
remain the most cost efficient

00:01:22.960 --> 00:01:24.640
and highest impact levers

00:01:24.640 --> 00:01:27.320
in overall emissions reductions.

00:01:27.320 --> 00:01:31.480
Methane has significantly greater
global warming potential than CO2,

00:01:31.480 --> 00:01:34.560
and is responsible for around 10% of energy

00:01:34.560 --> 00:01:36.600
related greenhouse gas emissions.

00:01:36.920 --> 00:01:39.800
We can reduce methane emissions by 40%

00:01:40.040 --> 00:01:41.640
at low or no cost,

00:01:41.640 --> 00:01:43.720
with existing technologies

00:01:43.720 --> 00:01:47.640
on the path towards reaching near-zero methane by 2030.

00:01:48.000 --> 00:01:51.240
COP28 accelerated the growing
momentum in abating methane

00:01:51.240 --> 00:01:53.160
from oil and gas operations,

00:01:53.160 --> 00:01:54.760
building political commitment

00:01:54.760 --> 00:01:55.680
and cooperation.

00:01:56.040 --> 00:01:57.680
We've seen the private sector

00:01:57.680 --> 00:02:00.680
and governments stepping up
to accelerate methane abatement;

00:02:00.680 --> 00:02:04.600
as 50 plus companies joined
the COP28 Presidency’s call

00:02:04.600 --> 00:02:07.520
to reach near-zero methane by 2030 and parties

00:02:07.520 --> 00:02:09.480
agreed to include methane targets

00:02:09.480 --> 00:02:12.200
within nationally determined contributions.

00:02:12.200 --> 00:02:15.400
Now, in addition to decarbonizing its own operations,

00:02:15.400 --> 00:02:17.520
the oil and gas industry has an important role

00:02:17.520 --> 00:02:20.000
to play in the broader economy decarbonization,

00:02:20.160 --> 00:02:22.200
through developing negative emission solutions,

00:02:22.200 --> 00:02:23.520
deploying green technologies

00:02:23.520 --> 00:02:26.840
such as renewables, low carbon hydrogen, e-fuels

00:02:26.840 --> 00:02:30.560
and investing its technical
and financial capabilities in the transition.

00:02:30.720 --> 00:02:32.880
Delivering net zero is a critical priority

00:02:32.880 --> 00:02:34.120
and a key differentiator

00:02:34.120 --> 00:02:36.600
for oil and gas players in the region.

00:02:36.600 --> 00:02:38.520
We're partnering with the whole ecosystem

00:02:38.520 --> 00:02:41.120
to activate the full range of decarbonization levers

00:02:41.120 --> 00:02:42.400
across the value chain,

00:02:42.400 --> 00:02:43.560
while, of course,

00:02:43.560 --> 00:02:46.440
always delivering strong business value.

00:02:46.440 --> 00:02:49.720
From charting the most cost-effective
decarbonization strategies

00:02:49.720 --> 00:02:52.080
to accelerating carbon capture and storage

00:02:52.080 --> 00:02:53.760
and green hydrogen projects,

00:02:53.760 --> 00:02:56.600
we're bringing the best of our global capabilities

00:02:56.600 --> 00:02:58.800
to drive regional success.

00:02:59.280 --> 00:03:01.440
The Middle East has a primary influence

00:03:01.440 --> 00:03:03.800
in shaping the global oil and gas sector

00:03:03.800 --> 00:03:06.360
by pioneering the innovations of decarbonization

00:03:06.360 --> 00:03:08.360
and capitalizing on its benefits.

00:03:08.360 --> 00:03:10.560
The region will continue to lead the way

00:03:10.560 --> 00:03:11.800
into the future of the sector.