Bahrain’s energy transition plans highlighted at CERAWeek

HIS HIGHNESS SHAIKH Nasser bin Hamad Al Khalifa, HM the King's Representative for Humanitarian Work and Youth Affairs, and chairman of the board of directors of Bahrain’s Oil and Gas Holding Company (nogaholding), delivered a speech at 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 global energy 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, noting that the kingdom aims to secure its future energy needs, and achieve net zero.

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 threedimensional 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.”

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 noted that it 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 utilisation of modern technologies. This, in turn, will contribute to reaching net zero.

Speaking to Reuters, HH Shaikh Nasser said that Bahrain is looking to establish a floating LNG facility to export gas, and plans to develop solar farms to power houses and industries with a view to cutting domestic natural gas consumption.