The board of Abu Dhabi’s ADNOC endorsed plans on Monday to bring forward the company’s five million barrel per day oil production capacity expansion to 2027 from a previous target of 2030, to meet rising global energy demand.<\/p>\n
The United Arab Emirates’ hydrocarbon reserves increased by 2 billion stock tank barrels (STB) of mostly Murban-grade crude and 1 trillion standard cubic feet (TSCF)of natural gas in 2022, the state oil firm said in a statement.<\/p>\n
The additional reserves increase the UAE’s reserve base to 113 billion STB of oil and 290 TSCF of natural gas.<\/p>\n
ADNOC’s board of directors, which was chaired by the UAE’s President Sheikh Mohammed bin Zayed on Monday, also approved the creation of ADNOC Gas.<\/p>\n
A gas processing and marketing entity to be effective from January, the company will combine the operations, maintenance and marketing of ADNOC Gas Processing and ADNOC LNG into one consolidated entity.<\/p>\n
ADNOC said it plans to float a minority stake in the new company on the Abu Dhabi Securities Exchange (ADX) in 2023.<\/p>\n
A five-year business plan and capital expenditure of 550 billion dirhams ($150 billion) for the period 2023-2027 was also approved by the board to enable the company’s growth strategy.<\/p>\n
ADNOC will also create a low carbon solutions and international growth vertical focused on new energies, gas, LNG and chemicals. The board directed the firm to pursue a net zero by 2050 ambition to support the UAE’s drive towards net zero carbon.<\/p>\n
“The world needs maximum energy, minimum emissions and it needs all the energy solutions if we are to ensure global energy security,” ADNOC’s chief Sultan al-Jaber was quoted as saying in the statement.<\/p>\n","protected":false},"excerpt":{"rendered":"
The board of Abu Dhabi’s ADNOC endorsed plans on Monday to bring forward the company’s five million barrel per day oil production capacity expansion to 2027 from a previous target of 2030, to meet rising global energy demand. The United Arab Emirates’ hydrocarbon reserves increased by 2 billion stock tank barrels (STB) of mostly Murban-grade crude and 1 trillion standard cubic feet (TSCF)of natural gas in 2022, the state oil firm said in a statement. The additional reserves increase the UAE’s reserve base to 113 billion STB of oil and 290 TSCF of natural gas. ADNOC’s board of directors, which […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-539365","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/539365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=539365"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/539365\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=539365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=539365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=539365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}