Abu Dhabi National Oil Company (Adnoc) is planning to invest more than AED400bn ($108.88bn) over the next five years, to bolster its upstream and downstream businesses.
Through the strategic investments programme, which was approved by the Supreme Petroleum Council (SPC), the state-owned oil and gas company intends to expand its 2030 strategy to unlock, create and maximise value.
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In addition, the SPC approved the company’s plans to explore and appraise Abu Dhabi’s unconventional gas resources, with a focus on gas and gas liquids.
Adnoc Group CEO Dr Sultan Al Jaber said: “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.
“Furthermore, our intention to explore and appraise our unconventional resources, in collaboration with value-add, strategic partners, reinforces Adnoc’s objective to further diversify our hydrocarbon assets base and enable value creation through vast untapped resources.”
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By GlobalDataThe company aims to deliver commercially viable production from the country’s unconventional resources by 2030.
By the end of next year, the company is set to expand its oil production capacity to 3.5 million barrels a day, while it expects to improve drilling time by 30% by 2019.
Furthermore, Adnoc is planning to access undeveloped tight reservoirs and expand sour gas production to ensure a sustainable supply of gas to meet the UAE’s increasing demand.
The company has also started an exploration drilling programme in order to explore for and appraise the potential of gas deposits in tight reservoirs.
On the crude refining front, the company intends to grow its capacity by 60%.
Additionally, Adnoc noted that it will continue to invest in advanced technology such as Artificial Intelligence (AI), and data analytics to maximise the value of its operations.
