ADNOC’s 2019-2023 Business Plan and AED 486 Billion CAPEX Approved

Posted On November 7th, 2018 - 10:35 am | by Oil and gas press

Abu Dhabi’s Supreme Petroleum Council (SPC) 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 was presided over by H.H. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates (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.

Source / More : ADNOC

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