A meeting of the Abu Dhabi National Oil Company’s (ADNOC) board has approved a plan to bring forward an increase in the company’s oil production capacity by three years.
The state-owned ADNOC is one of the biggest oil companies in the world, and it often develops assets in the UAE alongside international partners, such as TotalEnergies, the producer of Total lubricant products. The company’s previous plan had been to increase nameplate production capacity from around 4 million barrels per day (bpd) now to 5 million bpd by 2030. It has now approved $150 billion in capital expenditure and a five-year business plan to execute its growth strategy over the 2023-2027 period.
In a statement, the chief executive officer of ADNOC, Sultan al-Jaber, said:
“The world needs maximum energy, minimum emissions and it needs all the energy solutions if we are to ensure global energy security. ADNOC is committed to making today’s energy cleaner while investing in the clean energies of tomorrow to strengthen our position as a reliable and responsible energy provider.”
While the UAE has 290 trillion cubic feet in natural gas reserves and 113 billion barrels in crude oil reserves, it has the goal of becoming a net-zero emitter by 2050. In addition to expanding its clean-energy operations, it will also seek to grow its chemicals and international natural gas businesses. The company is also in the process of creating a new unit named ADNOC Gas to combine its operations in gas processing and liquefied natural gas.