Abu Dhabi National Oil Company (ADNOC) will accelerate delivery of its new integrated gas strategy, as well as its plans to increase its oil production capacity to 4 million barrels per day by 2020, according to ADNOC Group CEO Dr. Sultan Ahmed Al Jaber.
Al Jaber said that ADNOC would make additional strategic announcements in the coming weeks, including new partners for the Ghasha concession, which is ADNOC’s offshore ultra-sour gas mega project, consisting of Hail, Ghasha, Dalma and other offshore fields.
Other upcoming announcements will center on the Abu Dhabi government’s decision, earlier this year, to open six oil and gas blocks for competitive bidding. The blocks potentially hold multiple billion barrels of oil and multiple trillion cubic feet of natural gas. The first exploration and production licenses are expected to be awarded in the first quarter of 2019.
This follows Abu Dhabi’s Supreme Petroleum Council’s (SPC) approving ADNOC’s plans to appraise and develop new gas resources that will enable the UAE to achieve gas self-sufficiency, with the aim of transitioning to a net gas exporter, sustaining LNG production to 2040.
The SPC also approved an increase in ADNOC’s oil production capacity to 4mn barrels per day by the end of 2020 and 5mn barrels per day by 2030, as well as ADNOC’s new five-year business plan and capital investment growth of $132.33bn between 2019-2023.
“We are on the brink of a new era of opportunity for the oil and gas industry – an era in which digital innovation is delivering unprecedented levels of prosperity and driving demand for our products," Al Jaber said. "ADNOC is gearing up to meet this demand and, through creative partnerships, seize the opportunities of Oil and Gas 4.0."
At the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) last week, which is hosted by ADNOC, the company announced strategic partnerships with Total and Eni as well as MoUs with Mubadala and Saudi Aramco. It also announced a $1.4bn investment to upgrade and expand its Bu Hasa field, which will increase crude oil production capacity to 650,000 barrels per day (bpd).