State-owned Abu Dhabi National Oil Company (ADNOC) plans to increase oil production capacity to five million barrels per day (mbd) by 2030, Abu Dhabi crown prince Sheikh Mohammed Bin Zayed said in a tweet on Sunday.
Supreme Petroleum Council (SPC), the highest governing body of the oil and gas industry in Abu Dhabi, approved AED 486 billion ($132.33 billion) in capex to support ADNOC's 5-year growth plans, including its gas strategy to become self-sufficient and a net gas exporter, he said.
“Accelerating investments, driving competitiveness & increasing productivity are strategic imperatives, as we enter a new phase of national development. ADNOC is taking proactive steps to keep the UAE ahead of the curve and to enable future prosperity,” the crown prince added.
In a separate statement, the SPC said ADNOC will increase its output to 4 mbd at the end of 2020 before reaching 5 mbd by 2030, following discoveries of one billion barrels of oil and 15 trillion square cubic feet of additional gas in place.
“The gas strategy will sustain LNG production to 2040 and allow ADNOC to seize incremental LNG and gas-to-chemicals growth opportunities,” it said.
ADNOC’s integrated oil and gas strategy underpins its AED 165 billion downstream investment plans announced in May, which will see the oil major triple production of petrochemicals to 14.4 million tons per annum by 2025.
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