by Valerie Jones
Monday, November 05, 2018
The state-owned oil company is implementing a new gas strategy to increase production and plans to invest $132 billion in the next five years.
The Abu Dhabi National Oil Company (ADNOC) is implementing an integrated gas strategy which will bump up its oil production capacity to four million barrels per day (MMbpd) by the end of 2020 and 5 MMbpd by 2030, the company announced Nov. 4.
The Supreme Petroleum Council (SPC) approved the strategy and ADNOC’s capital investment growth plan of $132.33 billion between 2019-2023.
— ADNOC Group (@AdnocGroup) November 4, 2018
The new gas strategy will add potential resources that will help the United Arab Emirates to achieve gas self-sufficiency.
“Our historic gas self-sufficiency strategy marks an important new, accelerated phase in the delivery of ADNOC’s 2030 growth strategy,” ADNOC Group CEO H.E. Dr. Sultan Ahmed Al Jaber, was quoted as saying during an SPC meeting in a company statement.
ADNOC also announced new gas discoveries, which total 15 trillion standard cubic feet. The company’s integrated gas strategy will sustain LNG production to 2040 and allow ADNOC to seize incremental LNG and gas-to-chemicals growth opportunities.
“The substantial investments we will make, in the development of new and undeveloped reservoirs, gas caps and unconventional resources, will ensure we can competitively meet the UAE’s growing demand for power generation and industrial use while maintaining our international commercial commitments and seizing incremental LNG and gas-to-chemicals growth opportunities,” Al Jaber added.
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