The switch from coal to natural gas for baseload power generation could result in the needed quick emissions reductions, Crescent Petroleum CEO Majid Jafar tells business leaders at Global Energy Forum.
Sharjah, United Arab Emirates, 13 January 2019, (AETOSWire): Policy makers worldwide have a proven solution for cutting carbon emissions by switching electricity generation from coal and oil to natural gas, Majid Jafar, CEO of Crescent Petroleum, told an audience of energy ministers and industry leaders meeting in Abu Dhabi this morning.
As global demand for energy rises, natural gas is emerging as a fuel of choice for power generation in the 21st century, serving as a central ingredient in a more sustainable energy mix in combination with renewable energy sources such as solar and wind, Mr Jafar said.
“The switch to natural gas from coal and oil for baseload power generation could result in the kind of rapid emissions reductions that are needed and could have a definitive impact on global carbon footprint,” Mr Jafar said. “The growing use of natural gas has is estimated to have avoided over two billion metric tonnes of carbon dioxide between 2005 to 2016, and its impact will only increases as gas adoption expands in growing regions like Asia.”
Mr Jafar, who leads the Middle East’s oldest private oil and gas company and serves as Board Managing Director of Dana Gas and Vice-Chairman of the Crescent Group of companies, made his comments at the Atlantic Council Global Energy Forum 2019, which opened in Abu Dhabi on Saturday.
Speaking on a panel entitled “Setting the Energy Agenda for 2019”, Mr Jafar joined HE Suhail Al Mazrouei, Minister of Energy of the UAE, as well as Lisa Davis, Managing Board Member and Chief Executive Officer, Energy, of Siemens AG in discussing the future of energy, OPEC and the latest developments and outlook for the industry worldwide.
“The Middle East North Africa region contains almost half the world’s proven reserves of natural gas but still only one sixth of global production, so the potential for growth is clear.. Almost every government in the region and across Asia is looking to boost its gas supplies, much of it for internal consumption as natural gas becomes synonymous with electricity generation and fuelling industry for economies with growing populations and energy needs.”
Forward looking governments have embraced the changeover from coal or oil to gas as an opportunity. He cited, for example, the UAE’s announced national energy strategy, which targets that by 2050 the power generation needs of the country will be supplied about 40 per cent each by natural gas and renewables.
Policymakers around the world will continue to grapple with slowing, if not reversing CO2 levels. To be truly sustainable, energy solutions must be affordable, reliable and scalable, while contributing to lowering global carbon emissions. And oil and gas companies must confidently show the way forward and embrace their role as central players in the debate.
“In a rapidly changing world, this transition must be approached as an opportunity and not a threat,” he said. “The future of the industry, and indeed that of sustainable energy supply worldwide, depends upon it.”
The 2019 Global Energy Forum, which takes place on Jan 12 and 13, is focused on four key themes: the future of oil, the digitization of energy, diversification within energy companies and countries, and a regional focus on East and Southeast Asia energy demand and energy innovation. Convened in partnership with the Ministry of Energy & Industry of the United Arab Emirates, Abu Dhabi National Oil Company (ADNOC), and Mubadala Investment Company, with Crescent Petroleum as Platinum Co-Chair, the Forum is part of Abu Dhabi Sustainability Week.
About Crescent Petroleum:
Crescent Petroleum is the first and largest private exploration and production company in the Middle East, with over 48 years of experience as an international operator in numerous countries including Egypt, Yemen, Canada, Tunisia, and Argentina, in addition to its continuing operations in the United Arab Emirates and Iraq.
Headquartered in Sharjah in the UAE, Crescent Petroleum has international offices in the UK and three locations across Iraq, as well as affiliated offices in Egypt and Bahrain. Crescent Petroleum is also the largest shareholder in Dana Gas, the Middle East’s first and largest regional private-sector natural gas company.