Energy traders leave ADIPEC after debating AI’s impact on industry
Among the biggest of the $10 billion in deals announced at the conference were TA'ZIZ's Al Ruwais contract and ADNOC's Deep Well acquisition
Visitors check exhibitor stands at the ADIPEC conference in Abu Dhabi (Getty Images)
Dealmakers are tallying the numbers from this week’s ADIPEC energy summit in Abu Dhabi, touting a record 205,000 participants and more than $10 billion in contract agreements.
Among the top deals announced at the mammoth conference were ADNOC Drilling’s $223 million acquisition of virtually all of Deep Well Services, TA’ZIZ’s $2 billion infrastructure contract for Al Ruwais Industrial City in Abu Dhabi and BGP’s $490 million contract with ADNOC for its 3D seismic survey in the UAE capital.
ADIPEC’s agenda was set from the start by ADNOC CEO Dr. Sultan Al Jaber, who also serves as UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President. Pointing to the voracious energy needs of AI data centers, Al Jaber said, “No single source of energy is going to be enough to meet this demand.”
In turn, many of the conference’s 1,800 speakers focused on the central themes of harnessing AI in energy production, the shift to sustainable fuels and the rise of the so-called global south in the energy market.
Elsewhere on the MENA conference circuit, the opening of Saudi Arabia’s Biban 24 summit on Thursday, which focuses for small and medium-sized businesses, yielded a total of 17 contracts and preliminary agreements, alongside the launch of government financial initiatives valued at more than $4.8 billion.