Abu Dhabi National Oil Company (ADNOC) has secured approval from Abu Dhabi’s Supreme Petroleum Council (SPC) to invest AED448bn ($122bn) for the 2021-2025 period to enable its 2030 smart growth strategy.
The company said that the CAPEX plan will help it drive upstream growth, advance downstream expansion, and also strengthen its marketing and trading capabilities further.
ADNOC’s 2030 smart growth strategy is focussed on making its upstream activities more profitable and enhancing downstream operations.
In addition, the strategy is aimed at ensuring that its gas supply is more sustainable and economical.
Under the smart growth plan, the company is targeting to bring AED160bn ($43.6bn) back into the UAE economy in the coming five years. The company aims to achieve it through its In-Country Value (ICV) programme.
As part of the programme, ADNOC will look to develop new domestic and international partnerships and business opportunities for the private sector, nurturing socio-economic growth, and generating opportunities for new jobs for the local public.
SPC announces significant increase in onshore oil resources
The SPC has also announced the discovery of an estimated 22 billion stock tank barrels (STB) in recoverable unconventional onshore oil resources. Besides, the oil and gas regulator declared an increase in conventional oil reserves of two billion STB in Abu Dhabi.
UAE Minister of Industry and Advanced Technology and ADNOC group CEO Sultan Ahmed Al Jaber said: “Today’s announcement by the SPC of the discovery of recoverable unconventional oil resources demonstrates how ADNOC is efficiently expediting the exploration and development of Abu Dhabi’s unconventional resources and marks a major milestone as the nation’s unconventional industry evolves.
“Importantly, the increase in the UAE’s conventional oil reserves sends a strong signal that ADNOC is leaving no stone unturned in unlocking value from our abundant hydrocarbon resources to ensure the UAE remains a long-term and reliable energy provider to the world for decades to come.”
Additionally, ADNOC was granted approval from the SPC to award exploration blocks in Abu Dhabi’s second competitive block bid round which was launched last year.
The company has also been given a mandate by Abu Dhabi Crown Prince and SPC Vice-Chairman Sheikh Mohamed bin Zayed Al Nahyan to explore possible opportunities in hydrogen.
