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Despite soaring global renewable energy adoption, global oil demand hit an all-time high of 102.9 million barrels per day in 2024, signalling an “energy addition” rather than a transition away from hydrocarbons.
This was the core message delivered by Bapco Energies Group chief executive Mark Thomas in his powerful opening address yesterday at the 32nd Middle East Petroleum & Gas Conference (MPGC) at the Four Seasons Hotel Bahrain Bay.
Organised by S&P Global Commodity Insights and hosted by Bapco Energies under the patronage of Oil and Environment Minister and Special Envoy for Climate Affairs Dr Mohammed Bin Daina, the conference’s critical theme, ‘Balancing traditional and renewable energy in the Middle East,’ immediately took centre stage.
Speaking in the presence of Dr Bin Daina, Mr Thomas welcomed delegates to the enduring forum, painting a vivid picture of the current energy landscape, which he described as “unprecedented uncertain times.”
Mr Thomas highlighted the convergence of persistent realities such as trade tensions, geopolitical conflicts, regulatory fragmentation, and supply chain shocks, all challenging long-held assumptions within the industry.
Citing data from the International Energy Agency (IEA), Mr Thomas contrasted the prevailing narrative of a year ago, dominated by climate goals and emerging energy security concerns, with today’s complex reality. While global wind and solar electricity generation reached a record 15 per cent share in 2024, oil demand simultaneously hit its record high.
Furthermore, coal demand soared to a record 8.77 billion tonnes, driven by consumption in China and India, and global natural gas consumption grew by 2.7pc, with significant jumps in Asia and Europe.
“Let’s be clear: this isn’t a transition away from hydrocarbons – it’s an energy addition,” Mr Thomas asserted. “Demand has grown. And the whole pie has grown with it.”
Bapco Energies, Mr Thomas explained, embodies this understanding. “Our core business today remains oil and gas – and that’s not a contradiction to transition. It’s the foundation on which we are building the future.”
He detailed significant advancements in Bahrain’s upstream sector, including a strategic exploration agreement with EOG Resources targeting onshore conventional gas in the Pre-Unayzah formation, with drilling set to commence in 2025. This is complemented by the largest offshore 3D seismic campaign in Bahrain’s history, leveraging cutting-edge seabed node technology and AI-enhanced processing for unparalleled subsurface imaging.
In the downstream sector, the Bapco Modernisation Project (BMP) is steadily progressing through its commissioning phase. Once fully operational, BMP is set to significantly elevate Bahrain’s refining capabilities, enhancing product flexibility, energy efficiency, and environmental performance.
A sombre moment in the speech saw Mr Thomas remember three colleagues tragically lost in an incident at Bapco Refining earlier this year, reiterating the company’s unwavering commitment to safety as a core value.
Beyond hydrocarbons, Bapco Energies is actively investing in renewables, exploring Giga-scale solar projects and potential offshore wind initiatives to diversify Bahrain’s energy mix. Mr Thomas also highlighted visits to leading SMR (Small Modular Reactor) technology providers and first-hand experience with fusion energy.
“This isn’t about oil and gas or renewables. It’s about ‘all of the above’,” Mr Thomas stressed, underscoring Bapco Energies’ holistic approach to an integrated energy future. He emphasised the need for simple, pragmatic solutions in navigating a complex energy matrix and affirmed Bapco Energies’ commitment to long-cycle decisions for a resilient, efficient, and future-ready energy system.
Addressing the silent question of where the energy will come from to power the exponential growth in AI, data centres, automation, and advanced manufacturing, Mr Thomas concluded that the answer will be diverse, requiring integrated systems, modern infrastructure, and cross-border collaboration.
He urged conference attendees to lean into difficult questions, balance ambition with realism, and remember that the objective is not just to transition energy, but to advance it and build cleaner, more sustainable energy solutions.
avinash@gdnmedia.bh
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