Adnoc on Monday unveiled a plan to establish its gas subsidiary and list its shares on the Abu Dhabi Securities Exchange (ADX) next year.
In a statement, the Abu Dhabi-based energy giant said the new gas processing and marketing company, Adnoc Gas, will come into effective on January 1, 2023.
“The flagship company will combine the operations, maintenance and marketing of Adnoc Gas Processing and Adnoc LNG into one consolidated entity,” the statement said.
The President, His Highness Sheikh Mohamed bin Zayed Al Nahyan presided over the annual meeting of the Adnoc board of directors, in his capacity as its chairman and approved Dh550 billion budget for the next five years.
“Adnoc’s five-year business plan and capital expenditure (Capex) of Dh550 billion ($150 billion) for 2023-27 was approved to enable the accelerated growth strategy. As part of this plan, Adnoc aims to drive Dh175 billion ($48 billion) back into the UAE economy through its ICV programme,” the statement said.
The President praised the group’s steps to further reduce its carbon footprint as it expands its operations to meet rising global energy demand. He directed Adnoc to pursue a ‘Net Zero by 2050 ambition’ to support the UAE’s drive towards net zero carbon.
Meanwhile, the board of directors of Adnoc endorsed plans to bring forward the company’s five million barrels per day (mmbopd) oil production capacity expansion to 2027, from the previous target of 2030, as part of the accelerated growth strategy.
“The accelerated production capacity target is underpinned by the UAE’s robust hydrocarbon reserves, which have increased by two billion stock tank barrels (STB) of oil and one trillion standard cubic feet (TSCF) of natural gas this year. These additional reserves increase the UAE’s reserves base to 113 billion STB of oil and 290 TSCF of natural gas, reinforcing the country’s position in global rankings as the custodian of the sixth-largest oil reserves and the seventh-largest gas reserves,” according to the statement.
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