ADNOC unveils $127bn five-year spending plan
Abu Dhabi oil company ADNOC announced on December 1 its board had approved a capital expenditure programme for 2022-26 worth 466bn dirhams ($127bn).
The national oil producer plans to double its LNG production capacity to 12mn metric tons/year and add some 3bn ft3/day to its gas output. ADNOC already exports LNG from Das Island in the Persian Gulf but plans to develop a new facility at the oil hub of Fujairah as well.
ADNOC has also approved a new energies strategy, under which it will develop renewable energy, hydrogen and other low-carbon fuels. It has established a new partnership with EWEC with the aim of making its grid fully powered by nuclear and solar energy.
The company has also revised upwards its oil reserves by 4bn stock tanks barrels and its gas reserves by 16 trillion ft3, bringing the totals to 111bn stock tank barrels and 289 trillion ft3. This means the UAE has the sixth largest oil and seventh largest gas reserves globally, it said.
“We have laid a solid foundation to ensure ADNOC continues to drive greater and more sustainable value for the UAE during the energy transition," CEO Sultan Ahmed Al Jaber commented. "As we build on this foundation, we are capitalising on the many commercial opportunities in this era while strengthening our position as one of the lowest cost and lowest carbon oil and gas producers in the world."