While presiding over the meeting of ADNOC's Board of Directors at "Expo 2020 Dubai"
Mohamed bin Zayed affirms the UAE's keenness to develop the energy sector to achieve sustainable development
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His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, affirmed the UAE's endeavor to develop the energy sector in order to meet its ambitions for growth and development, and to achieve sustainable development during the coming decades, referring to the support and care of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the State, for plans to develop the oil and gas sector, increase its production capabilities, and invest energy resources, to achieve sustainable added value for the UAE and its people.
This came while His Highness chaired the meeting of the Abu Dhabi National Oil Company (ADNOC) board of directors at the UAE pavilion at Expo 2020 Dubai.
During the meeting, His Highness Sheikh Mohamed bin Zayed Al Nahyan pointed to the importance of the initiatives and steps taken by 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 added value, and pay attention to innovation and modern technology.
His Highness stressed ADNOC's important role in shaping the future and stimulating growth and economic diversification in the country, noting the company's achievements as part of its strategy based on strengthening its partnerships in the field of clean, renewable energy and hydrogen.
His Highness added, "The UAE continues its approach, which focuses on the optimal exploitation of its carbon resources, through responsible production of oil and gas, to drive development and growth, and contribute to achieving global energy security, while working to reduce carbon emissions."
The meeting of the ADNOC Board of Directors witnessed 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 reach 111 billion barrels of oil equivalent and 289 trillion standard cubic feet of natural gas, which enhances the country's 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 natural gas reserves, and contributes to consolidating its position as a reliable global energy resource.
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 to 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.
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 commended the strategic partnership in the field of clean energy with the Emirates Water and Electricity Company, through which “ADNOC” obtains 100% of the needs of its electrical network through electricity produced from clean energy, which includes nuclear and solar energy, which are a key center of ADNOC’s efforts and initiatives, to ensure 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 six 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 three billion standard cubic feet per day, in addition to the expected significant increase in associated gas production. As a result of ADNOC's continuous efforts to increase its production capacity of crude oil.
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 that it offers in various areas of the project system and value chain, as well as the latest developments in the energy, oil and gas markets. Globalism.
The Board expressed its appreciation for the success achieved by the Murban crude futures contracts since the start of trading on the Abu Dhabi Intercontinental Futures Exchange.
Sultan Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, said: “We highly value the guidance and support of His Highness Sheikh Mohamed bin Zayed Al Nahyan, thanks to the vision and support of the ADNOC Board of Directors, the company achieved strong operational and financial performance and exceptional achievements. This year".
He added, "We have laid a solid foundation to ensure that (ADNOC) continues to play its pivotal role in enhancing and increasing the value of the country and ensuring its long-term sustainability."
Partnership to position Masdar as a global leader in clean energy
His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, launched a strategic partnership between the Abu Dhabi National Energy Company (TAQA), the Mubadala Investment Company (Mubadala), and the Abu Dhabi National Oil Company (ADNOC) to own each of these The companies, a stake in the Abu Dhabi Future Energy Company (Masdar), with the aim of developing a leading global portfolio of clean energy, in addition to strengthening efforts in the field of renewable energy and green hydrogen, in an effort to achieve climate neutrality by 2050.
His Highness affirmed that the UAE is continuing to consolidate its capabilities and pioneering role in the energy sector, and that it continues to transform challenges into opportunities and find practical and innovative solutions to secure a low-carbon future.
In-country value added
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, between 2022 and 2026, through its In-Country Value (ICV) program.
The 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 citizens with skills and competencies in the private sector, including more than 1,000 jobs this year, since its launch in 2018.
ADNOC announces an increase in the state's oil and gas reserves estimated at four billion barrels and 16 trillion standard cubic feet of gas.
• The Council approves ADNOC's action plan to increase its capital investments to 466 billion dirhams for the next five years.
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