The Supreme Petroleum Council (SPC) of Abu Dhabi (United Arab Emirates) has approved the 2019-2023 business plan published by the state-run oil and gas firm Abu Dhabi National Oil Company (ADNOC).
ADNOC intends to invest AED486bn (approximately US$132bn) over this period in capital growth. ADNOC aims to boost its oil production capacity from around 3 mb/d to 4 mb/d by the end of 2020 and 5 mb/d by 2030. ADNOC also plans to achieve gas self-sufficiency, with the aim of potentially transitioning to a net gas exporter. The company is also looking forward to set up a leaner and more integrated business model with expanded capacities in the downstream sector and increase its domestic refining, gas and petrochemicals activities.
The SPC has announced new hydrocarbon discoveries, including 15 tcf (over 420 bcm) of gas and 1 Gbl of oil in place. ADNOC's strategy will sustain LNG production to 2040.