Washington: HM the King’s Representative for Humanitarian Work and Youth Affairs, Chairman of the Board of Directors of the Oil and Gas Holding Company (nogaholding), His Highness Shaikh Nasser bin Hamad Al Khalifa, delivered a speech at the energy conference, CERAWeek 2023, organised by S&P Global in Houston, Texas.
HH Shaikh Nasser focused on the transformation process led by the Kingdom in the energy sector, and the future of energy around the world in general.
While addressing a plenary session, themed ” Accelerating Energy Transition”, HH Shaikh Nasser highlighted the kingdom’s future aspirations, and efforts to advance investment in the energy sector, with the aim of accelerating the pace of energy transition, in line with the visions of His Majesty King Hamad bin Isa Al Khalifa, and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, noting that the kingdom aims to secure its future energy needs, and achieve zero neutrality stipulated in the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26).
HH Shaikh Nasser underlined the importance of adhering to the basic principles aimed at achieving sustainability and reducing costs, in order to ensure the provision of uninterrupted energy supplies, in line with the Bahrain Economic Vision 2030.
While tackling the energy challenges facing the Kingdom and the world, HH Shaikh Nasser said: “Today the world is facing an unprecedented challenge related to the high costs associated with the production and extraction of domestic gas, but we believe in the strength and importance of our oil and gas sector. We are confident in our capabilities and the available opportunities that we can exploit. This includes marine resources that will be evaluated through an integrated three-dimensional programme next year.”
“We are well aware of the importance of moving forward in the process of transition and diversification of energy production sources, whether it is in order to achieve the goals of climate action, or to ensure the security of supplies,” His Highness added.
HH Shaikh Nasser affirmed that the Kingdom will be one of the leading countries in the region in generating most of its energy needs through renewable sources.
” In order to reach the goals that we have set, we must draw a clear and thoughtful road map, and employ advanced systems that assist in carbon removal processes, such as supporting the level of energy demand, providing a flexible energy mix, and using carbon capture and storage systems,” he explained.
On the role currently played by nogaholding, HH Shaikh Nasser said: “The group plays a pivotal role in building strategic partnerships with private and government agencies, which is of paramount importance in accelerating the pace of infrastructure development and optimal utilization of modern technologies. This, in turn, will contribute to achieving our goals of reaching zero neutrality. We are confident that our efforts will inspire other countries to follow the same approach and build a better future for all.”
The Kingdom is keen to raise local energy efficiency by updating infrastructure requirements, which includes the establishment of central cooling plants for modern residential areas.
It is worth noting that the Bapco Modernization Programme (BMP), which is being implemented as planned, will be, when it starts operating in 2024, one of the most efficient and advanced projects in the region.
