Abu Dhabi, UAEWednesday 24 April 2019

India’s Modi presents Adnoc chief executive with lifetime achievement award

Award recognises Dr Sultan Al Jaber’s contributions to energy security, building bridges to emerging Asian economies and reshaping of the traditional energy business model

Narendra Modi, Prime Minister of India, has presented Dr Sultan Al Jaber, group chief executive of the Abu Dhabi National Oil Company, with an award recognising his contribution to energy security, regional trade and his efforts towards modernising the oil and gas industry in the digital era.

During a ceremony at the Petrotech energy conference in Greater Noida, near New Delhi, on Monday, Mr Modi congratulated Dr Al Jaber for "his vision for the future".

The International Lifetime Achievement Award was given to Dr Al Jaber for his work at Adnoc where he has been "defining how a national oil company of the future should operate", a statement from the company said. He has also been recognised for strengthening Adnoc's links with India, which will account for a quarter of the growth in energy demand over the next two decades.

Since Dr Al Jaber took on the chief executive role at Adnoc in early 2016, he has overseen a rapid and comprehensive transformation aimed at optimising resources and efficiency, strengthening overall performance and fostering a more commercial culture. He has also encouraged the development and adoption of new technologies including Big Data, the Internet of Things and blockchain to support this process.

Dr Al Jaber said on Monday that Adnoc is operating in "a new energy era". Since crude prices fell from their 2014 peaks of over $110 a barrel, the industry has been seeking to maximise efficiency and create greater value from every barrel of oil produced, he said.

"There is a real need for the oil and gas industry to modernise, in order to ensure the world’s growing energy needs are met in the fourth industrial age."

He said the award "is a testament to the hard work and dedication of all who work at Adnoc, who are pushing ahead to implement a performance-led, digital-first culture".

Dharmendra Pradhan, Indian Minister of Petroleum and Natural Gas, said that Dr Al Jaber has helped reshape "the buyer-seller relationship into one based on true strategic partnership" making a valuable contribution to regional and global energy security.

Adnoc has begun the storage of its crude for strategic oil reserve purposes in India. Last year, Adnoc and Saudi Aramco said they would jointly invest in a $44 billion (Dh161.61bn) refinery on the west coast of India and an Indian consortium became the first from the country to take a participating interest in an Abu Dhabi offshore oil concession, last February.

"We will always be looking for ways to enhance our co-operation with our Indian counterparts, catering for the Indian market and beyond," Dr Al Jaber said.

The Petrotech International Lifetime Achievement Award is officiated by a jury including former Indian government officials. It is reserved for exemplary work in the oil and gas industry at a global level and previous winners include Daniel Yergin, the Pulitzer Prize-winning energy expert, and Igor Sechin, chief executive of Russia's Rosneft.

Updated: February 11, 2019 02:36 PM

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