Dubai: The Abu Dhabi energy giant ADNOC’s next five-year business plan, with investments of Dh466 billion, has been approved. This will increase both upstream production capabilities as well as the company’s downstream portfolio.
In addition, the proposed investments will add to low carbon fuels business and clean energy plans. ADNOC intends to bring back Dh160 billion ($43.6 billion) back into the UAE economy across 2022-2026 through its ICV (in-country value) programme.
Sixth biggest
ADNOC has confirmed a “significant increase” in national reserves of 4 billion stock tank barrels (STB) of oil and 16 trillion standard cubic feet (TSCF) of natural gas. These additional reserves increase the UAE’s hydrocarbon reserves base to 111 billion STB of oil and 289 TSCF of natural gas, reinforcing the country’s position in global rankings as the holder of the sixth-largest oil reserves and the seventh-largest gas reserves.
This was confirmed after His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Board of Abu Dhabi National Oil Company (ADNOC), presided over the annual meeting of the Board of Directors. It was held at the UAE Pavilion at the Expo 2020 site.
“The UAE will continue to responsibly unlock its hydrocarbon resources to drive progress and contribute to global energy security,” said Sheikh Mohammed bin Zayed.
- On the downstream side, the Board endorsed ADNOC’s plans to look at doubling its liquefied natural gas (LNG) production capacity from 6 million tonnes per annum to 12 mtpa. The potential expansion of ADNOC’s LNG production capacity is underpinned by “growth in its natural gas position, with new developments planned to add 3 billion standard cubic feet per day (scfd) and more to come from associated gas as it expands its crude oil production capacity”.
- Strides have also been made by ADNOC’s trading teams following the establishment of two entities – ADNOC Trading (AT) and ADNOC Global Trading (AGT) – more than 12 months ago. A trading office has been set up in Singapore.
- At the TA’ZIZ Industrial Chemicals Zone, ADNOC is creating a world-scale low carbon ammonia facility as part of its ongoing efforts to reinforce Abu Dhabi’s leadership in the clean hydrogen economy.
Cleaner energy
In another expected move, the Board of Directors approved ADNOC’s ‘New Energies Strategy’, which will try further reducing the company’s carbon footprint and enabling it to capitalize on opportunities in renewable energy, hydrogen and other lower carbon fuels. ADNOC’s clean energy partnership with EWEC (Emirates Water and Electricity Co.) will see up to 100 per cent of ADNOC’s grid power supplied by nuclear and solar clean energy sources.
