His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, may God protect him, has paid great and special attention to the oil and gas sector. Its production capabilities and investment of energy resources to achieve a sustainable added value for the Emirates and its people.
The visions, directives, and sound follow-up of His Highness contributed to the modernization and development of the oil and gas sector and the consolidation of the UAE’s leading position as a responsible producer and an influential player at the global level in this vital sector.
His Highness Sheikh Mohamed bin Zayed Al Nahyan, may God protect him, has always focused on the importance of the initiatives and steps taken by the Abu Dhabi National Oil Company “ADNOC” to ensure that its work keeps pace with the transformation in the energy sector and continues its achievements to create more opportunities for growth and development, increase the added value, and pay attention to innovation and modern technology and its role It is important to anticipate the future and stimulate growth and economic diversification in the country.
His Highness, the President of the State, may God protect him, has supported an approach that calls for focusing on the optimal exploitation of the country’s hydrocarbon resources through responsible production of oil and gas to drive development and growth and contribute to achieving global energy security, while at the same time working to reduce carbon emissions.
In line with this approach, the meeting of the ADNOC Board of Directors in December 2021 witnessed the announcement of a significant increase in the reserves of the UAE, including four billion barrels of oil and 16 trillion standard cubic feet of natural gas. With this increase, the UAE’s national reserves of hydrocarbon resources reached 111 billion barrels of oil equivalent and 289 One trillion standard cubic feet of natural gas, which strengthened the country’s position in sixth place globally in the list of countries with the highest oil reserves and seventh in the list of countries with the largest natural gas reserves and contributed to consolidating its position as a reliable global energy supplier.
At that time, the Board approved ADNOC’s action plan to increase its capital investments to 466 billion dirhams ($127 billion) for the next five years (2022-2026), which will enable the company to move forward in implementing its plans to increase its production capacity of crude oil and develop and expand its business portfolio in the field of refining, manufacturing, marketing and petrochemicals, in addition to achieving its ambitious goals in the field of producing low-carbon fuels and clean energy.
In implementation of the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, may God protect him, ADNOC has developed plans in the field of refining, manufacturing and marketing aimed at evaluating doubling its production capacity of liquefied natural gas from 6 to 12 million tons per year, and the potential expansion in the production capacity of LNG depends on The growth and development of ADNOC’s capabilities in the production of natural gas, as it is expected that the new development plans in the field of gas will add 3 billion standard cubic feet per day, in addition to the expected significant increase in the production of associated gas, as a result of ADNOC’s continuous efforts to increase its production capacity of crude oil.
Thanks to the vision, directives and support of His Highness, ADNOC has achieved strong operational and financial performance and exceptional achievements, as it has laid a solid foundation that ensures it will continue to play a pivotal role in enhancing and increasing the value of the UAE and ensuring its long-term sustainability by taking advantage of the opportunities offered by the transformation phase in the energy sector.
The progress achieved and achieved by ADNOC is an example of the wise directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, may God protect him, as the company was able to contribute to increasing national reserves as a result of its continuous evaluation processes, which are supported by the use of the best technologies and practices in the field of reservoir management on The expansion of its business portfolio in onshore and offshore areas. In addition, ADNOC’s implementation of ambitious development plans contributed to achieving its goal of raising its production capacity to 5 million barrels per day by 2030 and increasing reserves significantly.
By following the approach of His Highness the President of the State “may God protect him” aimed at enabling and developing the oil and gas sector in the country, ADNOC has been able to achieve many other qualitative achievements such as new discoveries of unconventional oil resources that are recoverable in onshore areas estimated at about 22 billion barrels, in addition to To increase conventional oil reserves by two billion barrels.
In 2019, ADNOC also announced increases in hydrocarbon reserves by 7 billion barrels of crude oil, 58 trillion standard cubic feet of conventional gas and 160 trillion standard cubic feet of recoverable unconventional gas resources.
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