The Supreme Petroleum Council (SPC) has approved ADNOC’s strategic investments programme and future opportunities that aim to unlock, create and maximise growth in upstream and downstream businesses
The SPC has approved ADNOC’s plans for capital expenditure of more than US$108.90bn for the next five years, as it embarks on its upstream and downstream expansion and growth projects.
The oil and gas governing body has also approved ADNOC’s plans to explore and appraise Abu Dhabi’s unconventional gas resources, as the company seeks to enable future value creation from its untapped gas resources. It further has allowed to ADNOC to pursue international downstream investments that is expected to position ADNOC as a global player in the downstream market.
Dr Al Jaber, minister of state and CEO of ADNOC Group, said, “The SPC’s approval of our expanded strategic investment and growth plans signal a further, tangible, acceleration in ADNOC’s transformation. It marks the next phase in delivering our 2030 strategy, which will contribute to further maximising value from all our resources, introduce new and significant partnership opportunities and enhance our capabilities to diversify our portfolio of products, as we aim to expand into key growth markets.”
“In line with the SPC’s directives, over the coming years, we will make strategic, commercially driven and targeted investments, across our entire value chain, aimed at maximising existing resources, while also identifying and developing new, value-enhancing opportunities,” he added.
As it accelerates delivery of its 2030 strategy, ADNOC continues to optimise its upstream operations and drive solutions to maximise recovery, while seeking ways to cost effectively unlock the potential of untapped resources and leverage technology economies of scale to keep the operating cost per barrel at the competitive level.
Al Jaber further stated, “We will engage in strategic, long-term overseas investments across the downstream value chain. Acting alone, or in partnership with others, we will focus on investments that bring attractive returns, grow market access for our products and allow us to develop a truly international footprint.”
“As a critical part of shaping and securing the future of ADNOC, we will continue to invest in advanced technology, including Artificial Intelligence (AI) and data analytics, using Big Data. By leveraging and driving ADNOC’s digital transformation and integration, we will further maximise the value of our upstream and downstream operations,” he concluded.
