Oil majors seek involvement in Abu Dhabi ’s renewable initiative
Posted: 26 April 2006
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The first initiative to develop and commerci alise renewable energy, carbon management and monetisation, water usage and des alination was launched in Abu Dhabi, United Arab Emirates on Sunday.
 Called the Al Masdar Renewable Energy Initiative, the project’s anchor partners include major international firms including BP, Shell, Mitsubishi, GE, Mitsui and Rolls-Royce. Other partners include Imperial College of London and Aachen University.
Expected to begin by 2009 and begin to show results by 2015, the new entity will operate closely with the Abu Dhabi National Oil Company, Adwea and the Abu Dhabi Environmental Agency and the Abu Dhabi Education Council.
The Abu Dhabi government has granted a four square kilometre land for an institute, a special economic zone and an innovation centre as well as $100 million for the creation of a clean technology fund, which will be co-invested with the private sector.
Sultan Al Jaber of Abu Dhabi Future Energy said: “It is clear that the world’s demand for energy will continue to increase and therefore the Masdar Initiative has the potential to have a macro economic impact.”
BP Chief Lord Browne expressed interest in the project, specifically in the hydrogen power project that is similar to the ones BP has announced in Scotland and C alifornia.
Browne said: “BP is delighted to be part of this initiative and I hope that we can build on all the existing activity which we have here in Abu Dhabi through active participation in the development of the work of Al Masdar.”
According to Browne, within ten years, 70 % of world oil consumption will be traded and three areas will account for the overwhelming bulk of that trade – West Africa, Russia and the Middle East.
“If all those supplying nations were as secure as the UAE there would be no problem. But they are not and the growing dependence on supplies from countries such as Iraq and Iran and Nigeria does make consumers nervous,” Browne said.
“People are also nervous and uncertain about the environment, and in particular about the implications of the growing emissions of carbon dioxide. Emissions are growing at between 1.5 and 2 % a year, with the result that the concentration of carbon in the earth’s atmosphere is rising towards the level at which many scientists believe the world’s climate could be seriously affected,” Browne said.
He said: “The projects developed under this initiative and through our alternative energy business are for the long term. The process of research, development which is starting to gather momentum represents an investment in the future and I believe it is that investment more than anything else which will restore confidence and stability to the energy market.”
Malcolm Brinded, Executive Director, Shell E&P added: “This is a visionary initiative which will complement Abu Dhabi’s vital role as a major global energy producer. Al Masdar will help Abu Dhabi to balance both sides of the coin. It recognises the long-term prospects of renewables meeting a quarter to a third of the world’s needs by 2050.”
Posted by Editor Offshore Arabia Magazine
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