Abu Dhabi National Oil Company (ADNOC) Wednesday announced $127 billion capital expenditure for 2022-2026 to expand its upstream production capacity and downstream portfolio besides furthering its low-carbon fuels business and clean energy ambitions.
In a statement, ADNOC said part of the spending plan is to drive over AED160 billion back into the UAE economy through its National In-Country Value program.
Sheikh Mohamed bin Zayed Al Nahyan, Chairman of the Board of Directors of ADNOC, presided over the annual meeting of the Board. Later, the company announced an increase in national reserves of 4 billion stock tank barrels (STB) of oil and 16 trillion standard cubic feet (TSCF) of natural gas.
“These additional reserves increase the UAE’s hydrocarbon reserves base to 111 billion STB of oil and 289 TSCF of natural gas, reinforcing the country’s position in global rankings as the holder of the sixth-largest oil reserves and the seventh-largest gas reserves,” the statement said.
Mohamed bin Zayed congratulated ADNOC and said the UAE will continue to responsibly unlock its hydrocarbon resources to drive progress and contribute to global energy security.
The statement said ADNOC is ensuring greater economic value is retained in the local economy through its ICV program which is nurturing new business opportunities for the private sector and creating jobs opportunities for UAE Nationals.
Since its launch in January 2018, the ICV program has driven AED105 billion back into the UAE economy and created over 3,000 jobs for UAE Nationals in the private sector, including over 1,000 jobs this year, the statement said.
The board also approved ADNOC’s New Energies Strategy aimed at further reducing its carbon footprint and enabling it to capitalize on opportunities in renewable energy, hydrogen and other lower-carbon fuels.
The board noted that ADNOC’s clean energy partnership with EWEC will see up to 100 percent of ADNOC’s grid power supplied by EWEC’s nuclear and solar clean energy sources, the statement said.
In Downstream and Industry, the board endorsed ADNOC’s plans to evaluate doubling its liquefied natural gas (LNG) production capacity from six to 12 million tons per annum (MMTPA).
New developments planned are aimed at adding 3 billion standard cubic feet per day (scfd) and more to come from associated gas as it expands its crude oil production capacity, the statement said.