The Abu Dhabi National Oil Company (ADNOC) will accelerate delivery of its new integrated gas strategy, as well as its plans to increase its oil production capacity to 4 million barrels per day by 2020, with H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, saying there would be no let-up in the momentum gained during a record-breaking Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
H.E. Dr. Al Jaber signaled that ADNOC would be making additional strategic announcements in the coming weeks, including new partners for the Ghasha concession, which is ADNOC’s offshore ultra-sour gas mega project, consisting of Hail, Ghasha, Dalma and other offshore fields. Other upcoming announcements will center on the Abu Dhabi government’s historic decision, earlier this year, to open six oil and gas blocks for competitive bidding. The blocks potentially hold multiple billion barrels of oil and multiple trillion cubic feet of natural gas. The first exploration and production licenses are expected to be awarded in the first quarter of 2019.
The announcements will build on Abu Dhabi’s Supreme Petroleum Council’s (SPC) approval of ADNOC’s plans to appraise and develop new gas resources that will enable the UAE to achieve gas self-sufficiency, with the aim of transitioning to a net gas exporter,sustaining LNG production to 2040. The SPC also approved an increase in ADNOC’s oil production capacity to 4 million barrels per day by the end of 2020 and 5 million barrels per day by 2030, as well as ADNOC’s new five-year business plan and capital investment growth of AED 486 billion (U.S. $132.33 billion) between 2019-2023.
H.E. Dr. Al Jaber said: “During ADIPEC, we made a number of important announcements, including strategic partnerships with Total and Eni, as a direct result of the recent SPC approval of our new five-year business plan and long-term growth strategy. These new partnerships, along with our forthcoming collaborations with Saudi Aramco and Mubadala, will make significant contributions to the delivery of our 2030 growth strategy.
“The announcements also represent progress on our efforts to tap the energy resources needed to enable global economic growth in the 4th Industrial Age – a mission we have defined as Oil & Gas 4.0. We are on the brink of a new era of opportunity for the oil and gas industry – an era in which digital innovation is delivering unprecedented levels of prosperity and driving demand for our products. ADNOC is gearing up to meet this demand and, through creative partnerships, seize the opportunities of Oil and Gas 4.0.
Source: MENA HeraldView more