Chaired the meeting of the Executive Committee of the Board of Directors of "ADNOC"

Khalid bin Mohamed bin Zayed: Consolidating the UAE's position as a reliable global supplier of oil

Khalid bin Mohamed bin Zayed while chairing the meeting of the Executive Committee of the Board of Directors of "ADNOC".

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His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council and head of the Abu Dhabi Executive Office, praised ADNOC's approach to strengthening cooperation with its partners, to ensure the consolidation of the UAE's position as a reliable global supplier of less emissions-intensive oil for decades to come.

His Highness directed the building of new partnerships to accelerate the production of renewable energy resources, including clean hydrogen, to promote progress in ADNOC's ambitious plans for growth, expansion in this field, and accelerating the transformation of the energy sector.

Strategic goals

In detail, His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council and head of the Abu Dhabi Executive Office, chaired the meeting of the Executive Committee of the Abu Dhabi National Oil Company (ADNOC) Board of Directors, which was held at the headquarters of the ADNOC Group.

During the meeting, His Highness reviewed the company's performance and strategic objectives, praising ADNOC's strategic partnerships that contributed to the achievement of many oil discoveries, including the new discovery in the Bu Hasa field, the largest onshore field in the Emirate of Abu Dhabi, which has a production capacity of 650,000. barrels of oil per day.

About 500 million barrels of exploration wells were discovered in a new geological formation within the “Bu Hasa” field area, which provides additional sources of high-quality “Murban” crude. The “Bu Hasa” field is part of the “ADNOC Onshore” concession area, and is managed by it.

wild area

Also, about 100 million barrels of oil were discovered in the concession area No. 3 in Abu Dhabi, which represents the second oil discovery in the concession area.

Occidental had obtained the rights to explore, develop and produce oil and gas in Onshore Block No. 3 at the beginning of 2019. About 50 million barrels of light and low sulfur Murban crude were discovered in the Al Dhafra oil concession area, which is operated by the company. Al Dhafra Petroleum, a joint venture between ADNOC, the Korea National Oil Corporation (KNOC) and GS Energy.

His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan praised ADNOC's approach to strengthening cooperation with its partners, to ensure the consolidation of the UAE's position as a reliable global supplier of less emissions-intensive oil for decades to come.

money markets

His Highness also praised ADNOC's efforts to strengthen the capital markets in the country through plans to list 10% of the shares of Borouge, the world's leading petrochemical company, on the Abu Dhabi Stock Exchange, as part of its ongoing efforts to support the growth and diversification of the economy, in line with ADNOC's strategy. » To create and enhance value.

His Highness directed the building of new partnerships to accelerate the production of renewable energy resources, including clean hydrogen, to promote progress in ADNOC's ambitious plans for growth, expansion in this field, and accelerating the transformation of the energy sector.

Economic growth

Under the supervision of His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, the Executive Committee of the ADNOC Board of Directors provides strategic guidance to the company in its quest to contribute to the economic growth of the UAE, which directly supports the goals of the “50 Principles” for the UAE.

The Executive Committee holds meetings throughout the year to review the progress made by ADNOC in achieving its strategic and financial objectives and its operational performance.

The meeting was attended by members of the Executive Committee of the ADNOC Board of Directors, represented by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of “ADNOC” and its group of companies, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, and Ahmed bin Ali Mohammed Al Sayegh, Minister of State, Khaldoon Khalifa Al Mubarak, Managing Director and CEO of Mubadala Investment Company, and Jassim Mohammed Buatabah Al Zaabi, Head of the Department of Finance in Abu Dhabi.

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