The Abu Dhabi Oil Company (ADNOC) has revealed plans to boost its production capacity to 5 million barrels per day (b/d) by the end of 2030, Pipeline Oil & Gas Magazine reported.
The Abu Dhabi’s Supreme Petroleum Council (SPC) has approved ADNOC’s plans that also include targets to increase oil production to 4 million b/d by 2020.
The approval of ADNOC’s new strategies will enable the UAE to achieve gas self-sufficiency, the company said in a statement.
The SPC meeting was attended by Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan, who praised UAE President Sheikh Khalifa bin Zayed Al Nahyan for ADNOC’s transformation into a performance-led, commercial organization.
During the meeting, the SPC announced new discoveries of gas in place, totalling 15 trillion standard cubic feet and 1 billion barrels of oil in place. It also approved ADNOC’s new five-year business plan and capital investment growth of $132.33 billion between 2019 and 2023.
SPC is the highest oil and gas governing body in Abu Dhabi, and is responsible for approving policies related to the oil and gas sector.