ADNOC to Boost Oil Production Capacity to 5M b/d by 2030

ADNOC to Boost Oil Production Capacity to 5M b/d by 2030

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.

Login

Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password

Register