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Celebrating knowledge, inspiring generations.

Summary: Acknowledging key industry movers at the fourth Abdullah Bin Hamad Al Attiyah International Energy Awards

Low oil prices and the world's insatiable appetite for energy--today's population of 7.4 billion is expected to soar to 9.6 billion by 2050--have created a challenging landscape for energy professionals. Oil prices have fallen by nearly 80 per cent since mid-2014 and are now hovering just below $50 per barrel, which places considerable economic pressure on all energy entities in the Gulf and beyond.

"2016 is a year that will mark the ability of OPEC and the oil producing countries to adjust to the new oil price cycle by promoting continued market vigilance and cooperation with other stakeholders to bring back stability to the oil market and by taking the necessary country reforms for such adjustment," said H.E. Dr. Majid A. Al-Moneef, the Advisor to the Royal Court of the Kingdom of Saudi Arabia and winner of the Lifetime Achievement Award for the Advancement of Organization of the Petroleum Exporting Countries (OPEC), at the Abdullah Bin Hamad Al-Attiyah International Energy Awards.

"The next half of the year will witness a gradual market recovery to a new and more sustainable equilibrium--the beginning of which is already underway."

While hydrocarbons will remain integral to the global energy mix for decades to come, the use of renewables in mainstream energy markets is gaining traction. Steep research and development and implementation costs have long been cited as the prime deterrent for solar, wind and even tidal technologies. Yet, the cost of solar panels has fallen by 80 per cent since 2010. Doubling the share of renewable energy in the global energy mix to 36 per cent by 2030 could save up to $4.2 trillion every year, which is 15 times higher than the costs, according to International Renewable Energy Agency's research.

"The business case for renewable energy is stronger than ever. Renewable energy capacity grew at its fastest rate ever in 2015, while investment reached a record $284 billion," said Adnan Z. Amin, the Director General at IRENA and the winner of the Lifetime Achievement Award for the Advancement of Renewable Energy.

There is little doubt that the next generation of energy professionals in the Gulf and beyond face a rocky road, one beset by a myriad of obstacles. But, passing on today's knowledge and technological knowhow gives the thinkers of tomorrow a vital toolkit and now it is up to them to use it.

"Innovation, critical thinking and commitment are the cornerstones of success in the global energy sphere, with each requiring decades to fine tune," said Sean Evers, the Founder and Managing Partner of Gulf Intelligence, a UAE-based consultancy firm which produced the Awards.

"Luckily for all of us, such professionals use their wisdom to break down the boundaries of what we know today to create a more sustainable energy ecosystem for tomorrow--their knowledge is gold dust."

Knowledge is a precious commodity that is underpinned by talent and infinite passion, which is especially crucial to today's energy sector as it faces multifaceted challenges. Global energy consumption will climb 48 per cent by 2040, according to the US' Energy Information Administration (EIA) and 650 million people lack access to clean water--both are sobering statistics. Recognising and celebrating today's talent helps inspire the thinkers of tomorrow and will strengthen the global energy ecosystem for centuries to come.

The Abdullah Bin Hamad Al-Attiyah International Energy Awards, which are in their fourth year, are the foremost honour to recognise individuals for their lifetime achievement in the advancement of the global energy industry. There are six award categories of recognition each year--Qatar Energy Industry, OPEC, Renewable Energy, Producer-Consumer Dialogue, Education, and Journalism--and the nominees are reviewed by an esteemed International Selection Committee (names are in pull out box on page 54). The Al-Attiyah Foundation board of trustees bestows one Honorary Award each year to an outstanding global energy industry leader, with the 2016 accolade presented to H.E. Al-Naimi during the gala dinner at the Museum of Islamic Art in Doha on 24 May.

H.E. Al-Naimi's remarkable journey to become the most influential man in the global oil markets began 70 years ago. He joined Saudi Arabia's state- owned oil company Saudi Aramco as an office boy and climbed the ranks to become its first Saudi President, before becoming the country's Minister of Petroleum and Mineral Resources in 1995. Decades of hard work-- something H.E. Al-Naimi cites for his astonishing professional evolution-- put him at the helm of the world's largest crude exporting organisation.

"I am sure that history will recognise H.E. Al-Naimi as one of the greatest energy leaders of the last 100 years," said H.E. Abdullah Bin Hamad Al-Attiyah. "His long career saw him literally rise from the shop floor to become the world's most powerful oil executive for 30 years."

As the OPEC linchpin, Saudi Arabia and H.E. Al-Naimi's influence stretched far beyond the country's borders and he was regularly called upon to calm oil markets through turbulent political and economic waters in the Middle East and beyond. Plus, during his tenure as President and CEO of Saudi Aramco, the company emphasised the need for education and innovation for 21st-century energy challenges.

Each of the six winners at the awards has excelled in their own field and are recognised as influential thinkers who have seen the energy markets enjoy successes and navigate challenges. The winners' longevity in energy markets has enhanced their contextual awareness-- they are walking energy encyclopaedias. "I remember the beginning of the dialogue process in the early nineties, when the political authorities in most consuming countries were so anxious that they were telling us we could discuss any topic except quantities and prices," said Claude Mandil, the former Executive Director of the International Energy Agency, who won the Lifetime Achievement Award for the Advancement of Producer-Consumer Dialogue. "Thanks to some leaders-- and of course H.E. Minister Al-Attiyah is among the most prominent ones--we have made some progress!".

I am sure that history will recognise HE Al-Naimi as one of the greatest energy leaders of the last 100 years. His long career saw him literally rise from the shop floor to become the world's most powerful oil executive for 30 years. -- H.E. Abdullah Bin Hamad Al-Attiyah

2016 is a year that will mark the ability of OPEC and the oil producing countries to adjust to the new oil price cycle by promoting continued market vigilance and cooperation with other stakeholders to bring back stability to the oil market and by taking the necessary country reforms for such adjustment. -- H.E. Dr. Majid A. Al-Moneef, the Advisor to the Royal Court of the Kingdom of Saudi Arabia

Global energy consumption will climb 48% by 2040

I remember the beginning of the dialogue process in the early nineties, when the political authorities in most consuming countries were so anxious that they were telling us we could discuss any topic except quantities and prices.

-- Claude Mandil, former Executive Director of the International Energy Agency

The 2016 Winners:

E[pounds sterling] Lifetime Achievement Award for the Advancement of the Qatar Energy Industry Hamad Rashid Al Mohannadi, Senior Advisor, Qatar Petroleum

E[pounds sterling] Lifetime Achievement Award for the Advancement of the organisation of Petroleum Exporting Countries H.E. Dr. Majid A. Al-Moneef, Advisor to the Royal Court of the Kingdom of Saudi Arabia

E[pounds sterling] Lifetime Achievement Award for the Advancement of Renewable Energy Adnan Z. Amin, Director-General, International Renewable Energy Agency (IRENA)

E[pounds sterling] Lifetime Achievement Award for the Advancement of Producer-Consumer Dialogue Claude Mandil, Former Executive Director, International Energy Agency

E[pounds sterling] Lifetime Achievement Award for the Advancement of Education for Future Energy Leaders Dr. Bassam Fattouh, Director, Oxford Institute for Energy Studies

E[pounds sterling] Lifetime Achievement Award for the Advancement of International Energy Journalism Margaret McQuaile, Former Senior Correspondent, Platts

E[pounds sterling] Honorary Lifetime Achievement Award for the Advancement of International Energy Policy & Diplomacy H.E. Ali Ibrahim Al-Naimi, Former Minister of Petroleum & Mineral Resources, Kingdom of Saudi Arabia

Source: Gulf Intelligence

The 2016 International Selection Committee:

E[pounds sterling] H.E. Abdalla Salem El-Badri, Secretary General, OPEC

E[pounds sterling] Dr. Fatih Birol, Executive Director, International Energy Agency

E[pounds sterling] Dr. Ramzi Salman, Former Deputy Secretary General, OPEC

E[pounds sterling] Nasser Khalil Al-Jaidah, Board Member, Qatar Petroleum

E[pounds sterling] Professor Giacomo Luciani, Executive Master in Oil & Gas Leadership, IHEID, Geneva And Master in International Energy, PSIA, SciencesPo, Paris

E[pounds sterling] Narendra Taneja, Chairman, Energy Security Group, Federation of Indian Chambers of Commerce and Industry

E[pounds sterling] Dr. Rabia Ferroukhi, Deputy Director - Knowledge, Policy and Finance Centre, IRENA

Source: Gulf Intelligence

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Publication:Banker Middle East
Date:Jul 25, 2016
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