The 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 four mmbbl per day by 2020
Dr Sultan Ahmed Al Jaber, UAE minister of state and ADNOC Group CEO, said that there would be no let-up in the momentum gained during a record-breaking Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
Dr Al Jaber signalled 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 megaproject, consisting of Hail, Ghasha, Dalma and other offshore fields.
Other upcoming announcements will centre on the Abu Dhabi government’s historic 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 licenses are expected to be awarded in the first quarter of 2019.
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 five mmbbl per day by 2030, as well as ADNOC’s new five-year business plan and capital investment growth of US$132.33bn between 2019-2023.
Dr Al Jaber said, “During ADIPEC, we made a number of important announcements, including strategic partnerships with Total and Eni, as a direct result of the recent SPC approval of our new five-year business plan and long-term growth strategy. These new partnerships, along with our forthcoming collaborations with Saudi Aramco and Mubadala, will make significant contributions to the delivery of our 2030 growth strategy.”
At this year’s ADIPEC, ADNOC also announced its intention to extend to 2040 its gas supply agreement with ADNOC LNG, in coordination with ADNOC LNG’s joint venture partners, Mitsui, BP and Total. And on the sidelines of the conference, ADNOC hosted at its HQ senior oil, gas and technology leaders at the inaugural ADNOC Artificial Intelligence (AI) Forum to discuss the rise of AI and how, collectively, the oil and gas industry can accelerate AI advancements to unlock new value from it oil and gas resources. It also updated over 800 ADIPEC attendees on its new integrated gas strategy and downstream growth plans, at a specially convened gas, refining and petrochemicals forum.
“We are at the beginning of a new era of opportunity. Historic shifts in global energy use are creating unprecedented demand for our products. To seize the opportunities of Oil & Gas 4.0, ADNOC will utilise all its resources, its partnerships and, in particular, the latest technologies to deliver on the ambitious strategic objectives of our 2030 growth strategy,” he further continued.
