Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » UAE brings forward oil production capacity expansion to 2027

    UAE brings forward oil production capacity expansion to 2027

    November 28, 2022
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Headquarters of the Abu Dhabi National Oil Company, ADNOC,.

    Dubai — The board of Abu Dhabi’s ADNOC endorsed plans on Monday to bring forward the company’s five million barrel per day oil production capacity expansion to 2027 from a previous target of 2030, to meet rising global energy demand.

    The United Arab Emirates’ hydrocarbon reserves increased by 2 billion stock tank barrels (STB) of mostly Murban-grade crude and 1 trillion standard cubic feet (TSCF)of natural gas in 2022, the state oil firm said in a statement.

    The additional reserves increase the UAE’s reserve base to 113 billion STB of oil and 290 TSCF of natural gas.

    ADNOC’s board of directors, which was chaired by the UAE’s President Sheikh Mohammed bin Zayed on Monday, also approved the creation of ADNOC Gas.

    A gas processing and marketing entity to be effective from January, the company will combine the operations, maintenance and marketing of ADNOC Gas Processing and ADNOC LNG into one consolidated entity.

    ADNOC said it plans to float a minority stake in the new company on the Abu Dhabi Securities Exchange (ADX) in 2023.

    A five-year business plan and capital expenditure of 550 billion dirhams ($150 billion) for the period 2023-2027 was also approved by the board to enable the company’s growth strategy.

    ADNOC will also create a low carbon solutions and international growth vertical focused on new energies, gas, LNG and chemicals. The board directed the firm to pursue a net zero by 2050 ambition to support the UAE’s drive towards net zero carbon.

    “The world needs maximum energy, minimum emissions and it needs all the energy solutions if we are to ensure global energy security,” ADNOC’s chief Sultan al-Jaber was quoted as saying in the statement.
    Reporting by Maha El Dahan and Alaa Swilam; Writing by Maha El Dahan; Editing by Jan Harvey and Barbara Lewis – Reuters

    Follow us on twitter

    Related News

    US oil and gas rig count falls to lowest since January – Baker Hughes

    Crude oil rebound reflects optimism over the U.S.-China dialogue

    Stakeholders hail PINL’s achievements in protecting TNP

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Nigeria unlocks intra-African trade with new PAPSS policy boost

    May 10, 2025

    Ahead of China-US talks, Trump says 80% tariff ‘seems right’

    May 10, 2025

    US oil and gas rig count falls to lowest since January – Baker Hughes

    May 10, 2025

    Nigeria’s Senate passes tax reform bills to boost government revenue

    May 10, 2025

    E-Call up is desirable in Onne ports – Truckers

    May 10, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.