A leading energy producer is investing in a historic gas strategy that will see the UAE become self-sufficient in gas.
The Abu Dhabi National Oil Company (ADNOC) plans to launch a new integrated gas strategy, along with a US$132 billion capital expenditure program for investment growth between 2019–23.
ADNOC’s gas strategy will increase its oil production capacity to 4 million bbl/d by the end of 2020 and 5 million bbl/d by 2030, following approval from the Supreme Petroleum Council, the highest governing body of the oil and gas industry in Abu Dhabi.
The strategy will also sustain LNG production to 2040 and allow ADNOC to seize incremental LNG and gas-to-chemicals growth opportunities.
These additional resources will enable the UAE to achieve gas self-sufficiency, with the aim of potentially transitioning to a net gas exporter.
“Our historic gas self-sufficiency strategy marks an important new, accelerated phase in the delivery of ADNOC’s 2030 growth strategy,” said UAE Minister of State and ADNOC Group CEO Dr Sultan Ahmed Al Jaber.
“The incremental increase in our oil production capacity will enable ADNOC to continue to be a reliable and trusted energy supplier that has the flexibility and capacity to respond and capitalise on the forecasted growth in demand for crude.”
“At the same time, 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.”
For more information visit the ADNOC website.
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