Abu Dhabi National Oil Company (ADNOC), the state-run oil and gas company of Abu Dhabi (United Arab Emirates), will ramp up its production capacity to 3.5 mb/d by the end of 2018 from the current 3.3 mb/d. Besides, the company will develop its resource base by accessing undeveloped reservoirs, tapping into new gas capacities and scaling up sour gas production. In April 2018, the company announced its first block licensing strategy. Six blocks are open for bidding, of which four onshore and two offshore blocks. Bids will be accepted until October 2018 and the results are scheduled to be announced by end-2018.
ADNOC also plans to invest AED165bn (US$45bn) over the next five years to become a leading global downstream player and further maximize value from every marketed barrel of crude oil and refined product, which are currently sold on a free on board (FOB) basis. The company is 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. ADNOC plans to raise its crude refining capacity by 60% and more than triple its petrochemical production, making its Ruwais facility one of the largest integrated refining and chemicals sites in the world.
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