Discovery of one billion barrels of oil and 15 tn sq cubic feet of additional gas
The Abu Dhabi National OilCompany (ADNOC) plans to launch a new integrated gas strategy and increase its oil production capacity to four million barrels per day (mmbpd) by the end of 2020 and 5mmbpd by 2030, following approval from the Supreme Petroleum Council (SPC), the highest governing body of the oil and gas industry in Abu Dhabi.
The company also announced capital investment growth of US$ 132.33bn between 2019-20 and new discoveries of one billion barrels of oil.
ADNOC also announced new discoveries of gas, totaling 15 trillion standard cubic feet (tscf). The gas strategy will sustain LNG production to 2040 and allow ADNOC to seize incremental LNG and gas-to-chemicals growth opportunities.
“We will continue to unlock and deliver increased and commercially viable production from our oil and gas reserves, in response to the world’s growing demand for energy,” noted HE Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.
ADNOC’s integrated oil and gas strategy underpins its US$ 45bn downstream investment plans, announced in May, which will see the company triple production of petrochemicals to 14.4 million tons per year by 2025.
The discovery of significant new oil reserves endorses the Abu Dhabi government’s decision, earlier this year, to open six geographical oil and gas blocks for competitive bidding. Based on existing data from detailed petroleum system studies, estimates suggest these new blocks hold multiple billion barrels of oil and multiple trillion cubic feet of natural gas.
The first exploration and production licenses are expected to be awarded in the first quarter of 2019.
