Abu Dhabi’s Supreme Petroleum Council (SPC) has approved the Abu Dhabi National Oil Co.’s (ADNOC) new integrated gas strategy, planning to increase its oil production capacity to 4 million bpd at the end of 2020 and 5 million bpd by 2030.
The SPC meeting was presided over by H.H. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Vice-Chairman of the SPC.
The SPC’s approval of ADNOC’s gas strategy will add potential resources that will enable the UAE to achieve gas self-sufficiency, with the aim of potentially transitioning to a net gas exporter. At its meeting, the SPC announced new discoveries of gas in place, totalling 15 trillion ft3. It also announced new discoveries of 1 billion bbls of oil in place and approved ADNOC’s new five-year business plan and capital investment growth of AED 486 billion (US$132.33 billion) between 2019 – 2023.
The gas strategy will sustain LNG production to 2040 and allow ADNOC to seize incremental LNG and gas-to-chemicals growth opportunities, where they arise, from the UAE’s dynamic demand/supply position and evolving energy mix.
The SPC is the highest governing body of the oil and gas industry in Abu Dhabi. The Council formulates, approves and oversees the implementation of Abu Dhabi's petroleum policy and follows up its implementation across all areas of the petroleum industry to ensure that the set goals are achieved.
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