Abu Dhabi: The Supreme Petroleum Council has approved the 2030 strategy of Abu Dhabi National Company (Adnoc), which will increase its oil output to 3.5 million barrels per day by 2018.
The Adnoc Strategy 2030, its five-year plan and operational budget for 2017 were approved during the council’s meeting chaired by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, yesterday.
“The UAE, under the leadership of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, is moving forward with its plans to develop its capacity in all domains and sectors as per an integrated futuristic strategy based on the strong foundations laid by the late Shaikh Zayed Bin Sultan Al Nahyan and the founding leaders,” Shaikh Mohammad said.
He underlined the importance of building on the vast experiences gained in the energy sector for the optimal investment of oil and gas resources. He expressed his confidence that strategic plans of the UAE’s economic sector will continue to boost development efforts in the country.
The UAE has solidified its position in the energy sector and strengthened its capacity and experience in the energy industry. Shaikh Mohammad said: “We look forward that Adnoc will continue to strengthen the country’s stature in the global energy sector and enhance its competitiveness in this area.” He stressed his firm faith in the ability of qualified Emirati human resources in achieving national ambitions and overcoming future challenges.
Adnoc’s strategy focuses on plans to continue achieving growth in the exploration, development, production, gas, refining and petrochemical sectors.
Production
Under the new strategy, Adnoc is to achieve its output capacity target of 3.5 million barrels per day. With the increase in sour gas production, Adnoc’s sulphur output will increase over the next decade, making Abu Dhabi the world’s largest producer of sulphur.
Adnoc will raise gasoline production to 10.2 million tonnes annually to maintain the UAE’s self-sufficiency up to 2030 where gasoline and aromatics project will add 4.2 million tonnes of gasoline supplies and 1.4 million tonnes of aromatics by 2022.
Petrochemical production will jump from the current 4.5 million tonnes to 11.4 million tonnes per year after the completion of expansion projects by 2025.
