How UAE’s oil giant ADNOC plans to meet rising global energy demand

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UAE
  • Date: 29-Nov-2022
  • Source: Zawya
  • Sector:Oil & Gas
  • Country:UAE
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How UAE’s oil giant ADNOC plans to meet rising global energy demand

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The board of Abu Dhabi's ADNOC has approved plans to bring forward the company's five million barrel per day (bpd) oil production capacity expansion to 2027 and plough in investments worth AED550 billion ($150 billion) to power up its strategy.

ADNOC produces some of the world’s least carbon intensive oil and this new target is expected to provide the company with greater flexibility to meet rising global energy demand.

The accelerated production capacity target is underpinned by the UAE’s strong hydrocarbon reserves, which have increased by 2 billion stock tank barrels (STB) of oil and 1 trillion standard cubic feet (TSCF) of natural gas this year, the oil behemoth said in a statement released on Monday evening.

These additional reserves increase the UAE’s reserves base to 113 billion STB of oil and 290 TSCF of natural gas, reinforcing the country’s position in global rankings as the custodian of the sixth-largest oil reserves and the seventh-largest gas reserves, it said.

UAE President Sheikh Mohamed bin Zayed Al Nahyan, on Monday presided over the annual meeting of the ADNOC Board of Directors. The board endorsed the creation of ‘ADNOC Gas’, a new world-scale gas processing and marketing company, effective 1 January 2023.

The company will combine the

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