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November 14, 2018

Abu Dhabi approves $132bn oil and gas investment plan

Abu Dhabi’s Supreme Petroleum Council (SPC) has approved a five-year, $132bn investment plan proposed by Abu Dhabi National Oil Company’s (Adnoc) aimed at increasing the UAE’s oil and gas production capacity.

By MEED   

Abu Dhabi’s Supreme Petroleum Council (SPC) has approved a five-year, $132bn investment plan proposed by Abu Dhabi National Oil Company’s (Adnoc) aimed at increasing the UAE’s oil and gas production capacity.

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The investment plan aims to see Adnoc increasing its oil production capacity to 4 million barrels a day (b/d) by the end of 2020, up from about 3.5 million b/d at the end of 2018.

Adnoc is aiming to raise its oil production capacity to 5 million b/d by the end of 2030.

Gas self sufficiency

A significant new element of Adnoc’s plan is a strategy for the emirate to become self-sufficient in gas production.

Adnoc’s gas strategy looks at sustaining liquefied natural gas (LNG) output through to 2040, and tapping into gas-to-chemicals opportunities.

Backed by the new discoveries, Adnoc’s new gas policy aims to achieve gas self-sufficiency for the UAE, and hopes to potentially transform the country into a net gas exporter.

The SPC recently announced the discoveries of 1 billion barrels of oil and 15 trillion standard cubic feet of gas.

Adnoc is currently in the decisive phase of its first-ever upstream licensing round process, in which it has offered six oil and gas blocks for partnership opportunities to international players.

The SPC will evaluate the bids received for the four onshore and two offshore blocks, and is set to announce the respective winners in the first quarter of 2019.

Under the new gas strategy, Adnoc will develop the Hail, Ghasha and Dalma project that taps into Abu Dhabi’s Arab formation, which is estimated to hold many trillions of cubic feet of recoverable gas.

The project is expected to produce more than 1.5 billion cubic feet of gas a day.

Adnoc will also unlock other sources of gas, which include the emirate’s gas caps and unconventional gas reserves, as well as new natural gas accumulations, which will continue to be appraised and developed as the company pursues its exploration activities, it said in its statement.

Downstream vision

Included in Adnoc’s five-year capex plan is its $45bn downstream investment drive to convert the Ruwais industrial facility into a global downstream hub, and treble Abu Dhabi’s petrochemical production to 14.4 million tonnes a year by 2025.

Adnoc says that the new business plan “will have a significant impact on the nation’s economy, with Adnoc’s In-Country Value (ICV) programme helping to drive domestic growth and diversification over an extended period of time.”

“The benefits will include creating employment opportunities for UAE nationals and maximising the use of local products, manufacturing and assembly facilities, services and infrastructure,” it says.

This article is sourced from Offshore Technology sister publication www.meed.com, a leading source of high-value business intelligence and economic analysis about the Middle East and North Africa. To access more MEED content register for the 30-day Free Guest User Programme.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
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