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, according to CEO Dr Sultan Ahmed Al Jaber.
Al Jaber, also UAE Minister of State, said there would be no let-up in the momentum gained during a record-breaking Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
He said 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 centre on the Abu Dhabi government’s 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 licences are expected to be awarded in the first quarter of 2019.
Al Jaber said 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 ($132.33 billion) between 2019-2023.
Al Jaber said: “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.
“More significant announcements are in the pipeline as we focus on maximizing value from all our resources and unlocking increased and commercially viable production from our oil and gas reserves,” he added.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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