Abu Dhabi: Adnoc is on track to expand production capacity to 3.5 million barrels per day, utilising innovative technology to improve performance and cut drilling time by 30 per cent, its CEO Dr Sultan Ahmad Jaber said on Monday during Adipec.
Al Jaber also stressed that increasing operational efficiency is reinforcing Adnoc’s position among the world’s lowest-cost producers and attracting a diverse class of international partners, which is reflected in the interest for the upcoming offshore concessions, which have attracted over 10 potential partners from around the world.
On midstream activities of the company, Al Jaber said Adnoc would continue to develop its natural resources by accessing undeveloped reservoirs, tapping into vast gas caps and scaling up sour gas production, using best in class methods developed in the UAE.
In Downstream, Adnoc plans to grow crude refining capacity by 60 per cent and more than triple its petrochemical production. This expansion will make Ruwais the single largest integrated refining and chemicals site in the world.
Once complete, Adnoc will convert almost 20 per cent of its crude to chemicals, diversifying its range of higher value products and providing a natural hedge to oil price movements.