President Sheikh Mohamed bin Zayed Al Nahyan has presided over the annual meeting of the ADNOC Board of Directors.
During the meeting, which was held at ADNOC Headquarters, Sheikh Mohamed approved the launch of XRG, a lower-carbon energy and chemicals investment company to accelerate ADNOC’s international growth and drive greater value.
XRG will initially focus on investments that meet the growing global demand for natural gas, chemicals and low carbon energies.
2024 ADNOC board meeting
Sheikh Mohamed praised ADNOC for its achievements in delivering on its international growth strategy and noted that XRG will build on these achievements and ADNOC’s track record in energy and investments to deliver long-term sustainable value for the UAE.
The board endorsed ADNOC’s target to drive AED200bn ($54.5bn) into the UAE economy over the next five years through its In-Country Value (ICV) programme, building on AED55bn ($15bn) delivered this year.
The ICV programme also created 5,500 jobs for Emiratis in the private sector this year in partnership with the Emirati Talent Competitiveness Council (Nafis).
These achievements bring the total value ADNOC has driven back into the UAE economy to AED242bn ($65.9bn), with 17,000 Emiratis employed in the private sector since the programme was launched in 2018.
Sheikh Mohamed highlighted Abu Dhabi National Oil Company’s important role as a primary catalyst for the UAE’s growth and diversification and commended the company for continuing to prioritise value creation for the nation and stimulate economic and industrial opportunities for the private sector.
As part of these efforts, Abu Dhabi National Oil Company is enabling local manufacturing of critical industrial products in its supply chain. The company has signed local manufacturing agreements with UAE and international companies worth AED72bn ($19.6bn) since 2022, as it delivers on its target to locally manufacture AED90bn ($24.5bn) worth of products in its procurement pipeline by 2030 in support of the UAE’s “Make it in the Emirates” initiative.
The board reviewed ADNOC’s gas growth strategy and commended the company’s progress in harnessing the UAE’s gas resources to meet growing global gas demand.
Through the lower-carbon Ruwais LNG project, Abu Dhabi National Oil Company is more than doubling its existing UAE liquefied natural gas (LNG) production capacity to around 15 million tonnes per annum (mtpa) while building an integrated global gas business with strategic investments in Egypt, Mozambique, Azerbaijan, and the US.
The board was updated on ADNOC’s artificial intelligence and digital technology (AIDT) strategy as it aims to become the world’s most AI-enabled energy company.
The board praised ADNOC for its industry leadership in leveraging digitalisation, advanced technologies, and artificial intelligence (AI) to enhance efficiencies and future-proof its business.
Ahead of the meeting, Sheikh Mohamed visited ADNOC’s world-class AI centre, where he was briefed on how the company is integrating AI from the control room to the board room to enhance safety, maximise value, and reduce emissions as it continues to advance the UAE’s thriving AI ecosystem.
During the tour, he was shown some of ADNOC’s innovative AI solutions, including the world-first deployment of Robowell, an autonomous well-control solution, as well as the AI Lab, which is set to identify and shape high-value AI use cases across its operations.
Sheikh Mohamed was also updated on ENERGYai, a first-of-its-kind agentic AI solution, which Abu Dhabi National Oil Company recently launched in collaboration with AIQ, G42, and Microsoft.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), said: “Under the guidance of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the steadfast support of the ADNOC Board of Directors, ADNOC is reinforcing its critical role as a catalyst for the UAE’s economic and industrial growth and a reliable global energy provider.
“This year has been a transformative period for ADNOC where we have taken important steps to future-proof our business, pivot to new growth opportunities across the energy value chain and the world, and accelerate the adoption of AI to drive efficiency and unlock greater value. With the support of all my colleagues across the ADNOC Group, we will build on this momentum to deliver more energy with fewer emissions to empower lives and fuel economies while delivering long-term sustainable value and growth.”
ADNOC’s strong sustainability performance and its efforts to decarbonise and drive low-carbon growth was also highlighted by the board.
The board directed the Abu Dhabi National Oil Company to double down on its 2030 sustainability strategy and its industry-leading net zero by 2045 ambition.
The Abu Dhabi energy giant ranks among the least carbon-intensive oil and gas producers in the world and is further reducing its carbon intensity by 25 per cent and targeting near-zero methane emissions by 2030.
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