Abu Dhabi’s Supreme Petroleum Council (SPC) has approved the Abu Dhabi National Oil Company’s (ADNOC) new integrated gas strategy and plans to increase its oil production capacity to 4 million barrels per day (mmbpd) at the end of 2020 and 5mmbpd by 2030.
The SPC meeting on Sunday was presided by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Vice-Chairman of the SPC.
The SPC’s approval of ADNOC’s gas strategy will add potential resources that will enable the UAE to achieve gas self-sufficiency, with the aim of potentially transitioning to a net gas exporter.
At its meeting, the SPC announced new discoveries of gas in place, totaling 15 trillion standard cubic feet. It also announced new discoveries of 1 billion barrels of oil in place and approved ADNOC’s new five-year business plan and capital investment growth of AED 486 billion (US $132.33 billion) between 2019-2023.
The gas strategy will sustain LNG production to 2040 and allow ADNOC to seize incremental LNG and gas-to-chemicals growth opportunities, where they arise, from the UAE’s dynamic demand/supply position and evolving energy mix.
Sheikh Mohamed reaffirmed the support of President Sheikh Khalifa bin Zayed Al Nahyan for ADNOC’s transformation into a performance-led, more commercially minded organization and its focus on creating long-term, sustainable value to enable the UAE’s economic ambitions.
He also expressed the SPC’s recognition of ADNOC’s strong financial and operational performance, its use of creative and strategic partnerships to unlock and drive substantial value across the entire business and its strong commitment to maximizing in-country value.
