The Abu Dhabi National Oil Company (ADNOC) plans to compete with oil giants through refining and gas expansions, ADNOC’s CEO Sultan Ahmed Al Jaber told Reuters.
ADNOC this week agreed two deals with European oil majors. One will see Total acquire a 40% stake in Ruwais Diyab gas concession, and the other awarded Eni a 25% stake in an offshore ultra-sour gas field.
The company seeks to strike more international agreements in liquefied natural gas (LNG) to have more access to international markets and more shares in oil and gas.
“There will be more initiative (gas) plans,” Al Jaber said in an interview in Abu Dhabi, explaining that his expansion plans will be restricted to the company’s downstream operations.
ADNOC is targeting unconventional natural gas production of 1 billion cubic feet per day by 2030.