ADIPEC 2023 saw $8.8bn in business for the global energy industry, as well as delivering more than $350m in event-related business to the UAE economy.
Organisers called the event, which ran from October 2 to 5, the most commercially successful edition in its nearly 40-year history.
It brought together global energy leaders and leading voices from across the energy ecosystem to accelerate urgent, collective action and game-changing solutions to decarbonise quicker and future-proof the energy system.
ADIPEC 2023 deals
The $600m increase in commercial deals, up from the $8.2bn figure recorded in 2022, reinforces the event as a leading global platform for the energy industry to come together, do business and push the global energy transition agenda forward, towards a cleaner, more secure and sustainable future.
During ADIPEC, ADNOC announced its investment in the Hail and Ghasha offshore development project that aims to operate with net zero carbon dioxide emissions, a first globally.
The company also announced the Habshan carbon capture, utilisation, and storage (CCUS) project, in Abu Dhabi, which will be among the largest carbon capture projects in the Middle East and North Africa region.
Occidental subsidiary, 1PointFive, and ADNOC also signed an agreement to explore the feasibility of a 1 million tonne-per-year direct air capture (DAC) facility in the UAE.
In addition, a milestone electric-liquefaction train system was awarded for ADNOC’s Ruwais LNG export terminal, supporting the plant’s clean power processes as one of the lowest carbon intensity LNG facilities in the world.
Meanwhile, OMV and Wood signed an agreement for the commercial licensing of OMV’s ReOil technology, which converts end-of-life plastic waste into pyrolysis oil, a valuable renewable energy resource that replaces conventional fuels while enhancing the circularity of plastics.
Tayba Al Hashemi, Chair of ADIPEC 2023 and CEO of ADNOC Offshore, said: “ADIPEC continues to play a critical role in the global energy transition, assembling a broad range of key policymakers and CEOs for extensive and impactful discussions on the future of our global energy system and facilitating meaningful partnerships and deals.
“With the most comprehensive agenda in its nearly 40-year history, ADIPEC 2023 shed new light on the industry’s priorities, focusing on the pressing need to decarbonise across the entire value chain.
“The event stimulated new thinking and ideas on a diverse set of issues, including the creation of circular economies and innovative methods for achieving carbon neutrality in hard-to-abate sectors and re-energised the industry-wide commitment to creating a truly sustainable energy system.”
As well as being a catalyst for multiple industry deals, ADIPEC 2023 also drove activity across the UAE’s economy, generating more than $350m of economic benefits for the local economy, particularly in the hospitality, tourism, and transport sectors.
In support of the UAE’s goal to diversify its economy, Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development, announced Abu Dhabi would provide 100 investment opportunities with a combined market size of AED123.3bn ($33.5bn) by 2027 under the ‘Abu Dhabi Channel Partners’ initiative.
ADIPEC 2024 will take place in Abu Dhabi on November 11 to 14, 2024 with a mission to continue to support the global energy transition and collective decarbonisation.
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