The United Arab Emirates’ Abu Dhabi National Oil Company (ADNOC) has announced that it will bring forward its 5 mb/d (245 Mt/year) oil production capacity target from 2030 to 2027 to meet rising global energy demand. The accelerated production capacity target is driven by the UAE’s hydrocarbon reserves, which have increased by 2 billion stock tank barrels (STB) of oil and 1 tcf (28.3 bcm) of natural gas in 2022. These additional reserves raise the UAE’s reserves base to 113 billion STB of oil and 290 tcf (8,212 bcm) of natural gas.
In addition, a new gas processing and marketing entity, ADNOC Gas, will be effective from January 2023. The company will combine the operations, maintenance and marketing of ADNOC Gas Processing and ADNOC LNG into one entity. ADNOC also plans to offer a minority stake in the new company on the Abu Dhabi Securities Exchange (ADX) in 2023.
Moreover, ADNOC will pursue a net-zero by 2050 ambition for its operational Scope 1 and Scope 2 greenhouse gas (GHG) emissions to support the UAE’s net zero by 2050 strategic initiative. To reach this goal, the group will focus on energy efficiency, large scale implementation of carbon capture, utilization and storage (CCUS), and the use of renewable energy sources.
In 2021, the UAE produced 171 Mt of crude oil and NGLs and nearly 57 bcm of natural gas.