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Adnoc to invest in production growth

Staff Report/Dubai
Filed on April 5, 2020
Adnoc's integrated gas strategy plans to increase its oil production capacity to 4 million barrels per day at the end of 2020.

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. - waheedabbas@khaleejtimes.com


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