Adnoc to invest in production growth
The energy major's In-Country Value (ICV) programme has driven more than Dh44 billion back into the UAE economy.
The Abu Dhabi National Oil Company (Adnoc) on Saturday said it will continue to invest even through the downturn with focus on profitability and efficiency to deliver on its 2030 targets.
The government-backed energy giant said it is committed to its targets in production capacity growth in order to ensure a stable and reliable supply of energy products to its global customers.
"Today, as the result of our transformation over the past four years, Adnoc is far stronger, more resilient and better positioned to respond to current market dynamics, including reduced demand and low oil prices. Our strong balance sheet and our globally competitive cost per barrel, which we are constantly optimising, ensures we can continue to enable sustainable development for the national economy," said Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO.
In November 2018, Abu Dhabi's Supreme Petroleum Council (SPC) approved Adnoc's integrated gas strategy and plans to increase its oil production capacity to 4 million barrels per day (mbpd) at the end of 2020 and 5 mmbpd by 2030 with a capital investment plan of Dh486 billion between 2019 to 2023.
"We will continue to invest responsibly and smartly through the downturn with a firm focus on people, performance, profitability and efficiency. In parallel, we will double down on in-country value creation, as well as identify win-win solutions with partners, contractors and suppliers," Al Jaber added.
In March, Adnoc announced increasing production capacity to supply the market with over four million barrels of oil per day. "In addition, we will accelerate our planned five million bpd capacity target," he said.
The government-backed energy giant will double down on in-country value to enable further economic growth in the UAE and stimulate more commercial opportunities for the private sector. The energy major said its In-Country Value (ICV) programme has driven more than Dh44 billion back into the UAE economy and created over 1,500 private-sector jobs for UAE nationals since 2018. - email@example.com
5G phones are now forecast to represent only 11 per cent of total... READ MORE
Sources say each mall will determine their own working hours. READ MORE
The partnership delivers innovative solutions for the pace and scale... READ MORE
Asian shares are rising as some regions in Japan resume near-normal... READ MORE
The UAE now leads the world in terms of the number of Covid-19 tests... READ MORE
Sheikh Mohammed posted two photos of Fatimah Al Nuaimi side by side - ... READ MORE
Beaches can only operate at 30 per cent of their capacity, they added. READ MORE
Limited visitor capacity at malls and restaurants, and regular... READ MORE