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The Abu Dhabi National Oil Company (ADNOC) today announced its intention to launch a global gas strategy for ADNOC and increase oil production capacity to 4 million barrels per day by the end of October. 2020 and 5 million barrels a day by 2030.
This decision was taken after the approval of the Supreme Council of the Petroleum Industry, which is the highest administrative body of the oil and gas sector in Abu Dhabi.
The company also announced a $ 132.33 billion capital investment for the period 2019-2023, as well as new discoveries of one billion barrels of oil.
ADNOC's gas strategy will add potential resources that will enable the UAE to achieve gas self-sufficiency and seek to transform it into a gas exporter.
ADNOC also announced new discoveries totaling 15,000 billion cubic feet of gas.
The gas strategy will continue to produce liquefied natural gas (LNG) until 2040 and will allow the company to take advantage of the growing opportunities in the LNG field and its uses in petrochemical production, benefiting from the UAE's position on the dynamic supply and demand and the evolution of the energy mix.
"Our historic strategy to achieve self-sufficiency in the gas industry is an important step in the realization of the 2030 ADNOC growth strategy," said Dr. Sultan Ahmed Al Jaber, Minister of Energy and Energy. State and Chief Executive Officer of ADNOC in the United Arab Emirates. We will continue to launch and increase the production and commercial glory of our oil and gas reserves to meet the growing global demand for energy. "
"With increased production capacity, ADNOC will be able to continue to play its role as a reliable power supplier with the flexibility and responsiveness needed to take advantage of the expected growth in crude oil demand."
"At the same time, our huge investments in the development of new and undeveloped reserves, gas hedges and unconventional resources will enable us to meet the growing demand for electricity and industrial uses. competitively, LNG growth and its use in petrochemical production. "
The ADNOC global strategy for oil and gas is a key part of its $ 45 billion investment plan for refining and petrochemicals announced in May, with a threefold increase in production, which will reach 14.4 million tons of petrochemicals per year by 2025.
ADNOC has unveiled plans to establish the largest integrated refining and petrochemical complex in the world in the Ruwais region, which will enable it to increase the value of each barrel of oil produced.
The discovery of new oil reserves reinforces the decision of the Abu Dhabi government, earlier this year, to open six geographic oil and gas regions to competitive bidding.
According to existing data from studies of petroleum systems, seismic surveys, log files and basic samples from hundreds of wells being evaluated, these new blocks would contain several billion barrels of oil and several trillion cubic feet of natural gas. The first exploration and production license is expected in the first quarter of 2019.
The new licensing strategy is a major milestone in how Abu Dhabi will create new opportunities and maximize the value of its hydrocarbon resources.
This is part of the ADNOC initiative to expand its strategic partnerships in all areas of its work. Successful bidders will enter into agreements under which they will obtain prospecting rights, provided that they achieve specific objectives at the prospecting stage and have the opportunity to develop and produce any discovery with ADNOC as part of the record. of the offer.
Al Jaber said industry expectations confirmed the validity of ADNOC's overall oil and gas strategy. For the first time, the world is preparing to consume 100 million barrels of oil a day, with an increase of 10 million barrels a day by 2040. During the same period, the demand for natural gas will increase by 40%, while And petrochemicals with a higher value of 60%.
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