The CEO of the Abu Dhabi National Oil Company (ADNOC), Sultan Al Jaber, announced that ADNOC’s international investment arm, XRG, plans to make a significant investment in U.S. natural gas over the coming months. This announcement was made during a major gathering of energy executives in Houston, where Al Jaber emphasized the need to “make energy great again,” echoing a slogan popularized by former U.S. President Donald Trump.

ADNOC, a key member of the OPEC+ group and one of the world’s leading oil producers, has a wholly-owned investment arm, XRG, which currently holds approximately $80 billion in assets. Reports indicate that the UAE is exploring options for an initial public offering (IPO) for XRG. Al Jaber assured attendees that they would witness substantial investments by XRG across the entire gas supply chain, from exploration and development to distribution, aiming to establish a comprehensive service for gas.

In his remarks, Al Jaber highlighted the increasing global energy demands, projecting that oil consumption will rise to 109 million barrels per day by 2035, up from the current 103 million barrels per day. He also stated that global power demand is expected to surge by 70%, reaching 15 000 gigawatts, compared to the current 9 000 gigawatts. Al Jaber pointed out that the ongoing race in artificial intelligence is closely tied to energy requirements, as processing data necessitates substantial power resources.

Having chaired the UN’s COP-28 climate talks in December 2023, Al Jaber faced scrutiny for his dual role as an oil industry executive managing climate negotiations. He expressed his commitment to a more pragmatic approach to energy policy, emphasizing the necessity of various energy sources to meet rising global demand.