Abu Dhabi National Oil Co (ADNOC) plans to spend more than AED 400 billion ($109 billion) over the next five years, as the oil giant looks to expand its upstream and downstream operations and boost gas production, it said on Monday.
ADNOC, which recently floated part of its fuel distribution unit, has received approval from Abu Dhabi's Supreme Petroleum Council (SPC) for its 2030 strategy, it said.
Argaam takes a closer look at the various elements of the plan below.
- ADNOC plans to expand oil production capacity to 3.5 million barrels a day by the end of 2018, and to improve drilling time by 30 per cent by 2019.
- The company is also looking to raise gas output to meet growing domestic demand, by accessing undeveloped tight reservoirs, tapping into gas caps, and expanding sour gas production.
- In the UAE, ADNOC plans to “leverage and optimize its existing assets”, aiming to diversify and grow its refining, gas processing and petrochemicals business portfolio.
- Internationally, the company seeks to expand downstream strategic and commercially viable investments.
- ADNOC also aims to secure additional captive crude processing capacity in growth markets, establish sector-specific businesses internationally, and enhance its global marketing activities. This will include introducing non-speculative asset-backed trading to further stretch the dollar from every barrel of oil it produces.
- Moreover, the firm plans to grow its crude refining capacity by 60 per cent and more than triple its petrochemical production, to 14.4 million tonners per annum (mtpa) by 2025 through a staged expansion plan to grow and diversify its existing assets.
- ADNOC is looking to take forward an aromatics project will convert naphtha, which is currently exported, into gasoline and aromatics, as well as a large project to enhance the crude processing flexibility of its 900,000 barrels per day refining system.
- In chemicals, the company announced a new linear alkyl benzene project and a mixed feed cracker at Borouge, which will make Ruwais the largest integrated refining and chemicals site in the world.
Write to Rasha Abo AlSoud at rasha@argaam.com
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