With this increase, the UAE’s national reserves of hydrocarbon resources reach 111 billion barrels of oil equivalent and 289 trillion standard cubic feet of natural gas, which enhances its position in the sixth place globally in the list of countries with the highest oil reserves, and seventh in the list of countries with the largest gas reserves. natural resources, and contributes to consolidating its position as a reliable global energy supplier.
The board also 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 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 line with its plan to increase its capital investments, ADNOC aims to redirect more than 160 billion dirhams ($43.6 billion) to the local economy during the period between 2022 and 2026, through its program to enhance the local added value to contribute to stimulating growth and economic diversification to support the objectives of The “Fifty Principles”, which lays out a roadmap for sustainable economic growth for the next 50 years.
ADNOC’s In-Country Value (ICV) program has achieved continuous success by redirecting 105 billion dirhams ($28.6 billion) to the local economy, and providing more than 3,000 jobs for skilled and qualified citizens in the private sector, including more than 1,000 jobs during This year, since its launch in 2018.
The board also approved ADNOC’s new energy sector strategy, which aims to reduce the carbon footprint of its operations and take advantage of growth and development opportunities in the field of renewable energy, hydrogen and other low-carbon fuels.
The Council noted the strategic partnership in the field of clean energy with the Emirates Water and Electricity Company, through which “ADNOC” obtains 100 percent of the needs of its electrical network through electricity produced from clean energy, which includes nuclear and solar energy, which are a key center for ADNOC’s efforts and initiatives. To ensure a low carbon future.
The council also approved ADNOC’s plans in the field of refining, manufacturing and marketing, which aim to evaluate doubling its production capacity of liquefied natural gas from 6 to 12 million tons annually.
The potential expansion of the production capacity of liquefied natural gas depends on the growth and development of ADNOC’s capabilities in the production of natural gas, as new development plans in the field of gas are expected to add 3 billion standard cubic feet per day, in addition to the expected significant increase in associated gas production as a result of For ADNOC’s continuous efforts to increase its crude oil production capacity.
The Council reviewed the progress achieved by the Chemical Industries Zone project within the “Tazez” system, the new integrated industrial system in the Ruwais complex, and the great interest of local and international investors in the investment opportunities it provides in various areas of the project system and the value chain. The Council also reviewed the latest developments in the energy and oil markets. and global gas.
The Board expressed its appreciation for the success achieved by the Murban futures contracts since the start of trading on the Abu Dhabi Intercontinental Futures Exchange, praising the recent achievement of the Murban futures contracts in trading more than one billion barrels of Abu Dhabi Low Carbon Standard Crude.
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