Abu Dhabi’s Supreme Petroleum Council has approved a 2030 strategy of Abu Dhabi National Oil Company (ADNOC) which runs for five-year business plan and operational budget. The approved strategy aims to increase oil, gas, and petrochemical production while boosting efficiency, reported Reuters.
The new strategy focuses on creating more profitable upstream and downstream operations and ensuring a sustainable supply of gas to Abu Dhabi. Among the roadmap’s objectives are to achieve a production target of 3.5mb/d of oil by 2018 through a 400,000b/d production increase, according to Gulf Business News.
The company declared that it would boost gasoline production to 10.2mt/y to maintain Abu Dhabi’s self-efficiency. While new gasoline and aromatics projects will add 4.2mt/y of gasoline supply and 1.4mt/y of aromatics by 2022. Furthermore, it is expected that petrochemicals productions will grow from 4.5mt/y in 2016 to 11.4mt/y by 2025 with the addition of polyolefin capacity and new petrochemical products.
The Minister of State and ADNOC Group’s CEO, Sultan Al Jaber, said that the company will make strategic, commercially viable and targeted investments aimed at building on their legacy of success and ensuring continued growth.