The President of the State affirms that the UAE continues its pioneering role as a contributor to ensuring global energy security and the sustainability of its supplies

His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, affirmed that the UAE continues to strengthen its position and its leading role as a major contributor to ensuring global energy security and the sustainability of its supplies, and a key supporter of realistic and responsible transition efforts in the energy sector by keeping pace with the future and investing in the important opportunities it provides. This shift.

This came during His Highness chairing the annual meeting of the Board of Directors of the Abu Dhabi National Oil Company "ADNOC" today at the company's headquarters in his capacity as Chairman of the Board.

The meeting was attended by His Highness Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, member of the Executive Council of the Emirate of Abu Dhabi and head of the Abu Dhabi Executive Office, Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, Dr. Sultan bin Ahmed Al Jaber, and Minister The State of Ahmed bin Ali Al-Sayegh, member of the Executive Council and head of the office of the Chairman of the Executive Council of the Emirate of Abu Dhabi, Dr. Ahmed Mubarak Al Mazrouei, managing director and CEO of Mubadala Investment Company Khaldoun Khalifa Al Mubarak, member of the Executive Council and head of the Department of Finance in Abu Dhabi Jassim Muhammad Buataba Al Zaabi, member of the Executive Council and head of the Department Energy in Abu Dhabi Awaidha Murshid Al Murar.

The Council directed ADNOC to strive to achieve climate neutrality by 2050 to support the country's strategic initiative to achieve climate neutrality by 2050. The Council also approved ADNOC's strategy to accelerate growth in all areas and stages of its business to meet the growing global demand for energy in a responsible manner and support global energy security.

As part of this strategy, ADNOC is establishing a new low-carbon solutions and international growth sector in ADNOC that focuses on developing the company's business in new energies, gas, liquefied natural gas and chemicals manufacturing.

His Highness Sheikh Mohamed bin Zayed Al Nahyan praised the steps taken by ADNOC to reduce carbon emissions in conjunction with its endeavor to develop and expand its operations to meet the growing global demand for energy, noting that ADNOC's adoption of a comprehensive approach to sustainability reflects the UAE's commitment to consolidating its position as a global provider. Responsible for energy, and its efforts to enable building a more sustainable future.

His Highness stressed the important role of ADNOC as a major catalyst for economic growth and diversification in the UAE, praising its contribution to enhancing and increasing the value of the country and creating more new economic and industrial opportunities for the private sector.

His Highness Sheikh Mohammed bin Zayed Al Nahyan praised ADNOC's commitment to redoubling efforts and its success in increasing the productivity of human cadres and increasing the Emiratisation rate by 15 percentage points over the past five years.

His Highness stressed the importance of continuing on the same approach, improving performance, raising efficiency, enhancing flexibility and developing human resources.

He also praised ADNOC's efforts to support the national industry and the local product through the National Added Value Program and the Make in the UAE initiative

The Council reviewed the contribution of the ADNOC program to enhance local added value this year in redirecting more than 35 billion dirhams (9.54 billion US dollars) to the local economy and creating 2,000 additional job opportunities for citizens in the private sector.

With these achievements, the total value of the amounts that have been redirected to the local economy since the launch of the program in 2018 has increased to 140 billion dirhams ($ 38 billion), and the number of UAE nationals who have been employed within the supply chain of the company's operations has increased to 5,000, since The program has started.  

And within the “Make in the UAE” initiative, ADNOC signed agreements this year according to its procurement plan aimed at creating local manufacturing opportunities worth more than 25 billion dirhams (6.8 billion US dollars) with Emirati and international companies, in its pursuit of its goal to manufacture more than 100 AED 70 billion (US$ 19 billion) locally produced by 2030.

After the council convened, His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, "may God protect him", met with a group of young "ADNOC" cadres and listened to an explanation from them about the qualitative shift that "ADNOC" is witnessing, and of which the "ADNOC 100X" program is one of its most important capabilities. , which aims to ensure that the company's business keeps pace with the future and contributes to achieving its goals to create and enhance value for the UAE.

During the meeting, the Board of Directors approved ADNOC's plans to accelerate the implementation of the goal of increasing its production capacity of crude oil to 5 million barrels per day by 2027 instead of the previously announced 2030 year, in line with the company's strategy to accelerate growth.

ADNOC produces one of the lowest emissions-intensive types of crude oil in the world, and this new target will enhance the company's flexibility and ability to meet the growing global demand for energy.

ADNOC's plans to accelerate the implementation of the goal of increasing its production capacity of crude oil are based on the UAE's rich reserves of hydrocarbon resources, which increased this year by 2 billion barrels of oil and 1 trillion standard cubic feet of gas.

With this increase, the UAE's national reserves of hydrocarbon resources reach 113 billion barrels of oil and 290 trillion standard cubic feet of natural gas, which reinforces its position in the sixth position globally among the countries with the highest oil reserves, and the seventh among the list of countries with the largest reserves. natural gas, which contributes to the consolidation of its position as a reliable global energy resource.

As part of the updated strategy, ADNOC announced the establishment of ADNOC Gas, a new world-class gas processing and marketing company, which will start operations as of January 1, 2023. The leading company will be responsible for the operations, maintenance and marketing of ADNOC Gas Processing and ADNOC Natural Gas. liquefied" through one integrated company.

The Council directed ADNOC to carry out an initial public offering of a minority stake in the new company during 2023, subject to obtaining the approvals of the relevant regulatory authorities.

 The board also approved ADNOC's action plan to increase its capital investments to 550 billion dirhams (150 billion US dollars) for the next five years (2023-2027), which will enable the company to move forward with implementing its rapid growth strategy.

Through this plan, ADNOC aims to redirect AED 175 billion (US$ 48 billion) to the local economy through its In-Country Value programme.

On this occasion, Dr. Sultan bin Ahmed Al Jaber said: “We highly value the vision, guidance and support of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him.” Thanks to the support of the ADNOC Board of Directors and the efforts of its cadres, the company has succeeded in laying solid foundations on which it can To move forward in the next stage of growth and development, and to continue implementing its strategy to accelerate the growth of its business along the value chain of the energy sector.Through the company's plan to achieve climate neutrality by 2050, we are working to consolidate sustainability at the heart of the company's strategy to accelerate growth in various fields and stages of the sector. Based on the legacy of the founding father, the late Sheikh Zayed bin Sultan Al Nahyan, "May God rest his soul in peace"Who laid the foundations for sustainability and environmental protection in the UAE, and who charted the path towards a sustainable future and preceded the world in taking the first steps to stop gas flaring, which paved the way for ADNOC to consolidate its position among the oil and gas producers with the lowest emissions intensity in the world.

He added, "The world needs more energy with fewer emissions, and all available solutions to secure energy needs to ensure its security and sustainability of supplies. ADNOC is committed to working to reduce emissions in current energy sources, and to invest in future clean energy sources to enhance the UAE's position as a reliable provider." And in its endeavor to implement these goals, ADNOC continues to focus on achieving greater and more sustainable value for the UAE, creating opportunities for the private sector to benefit from the company's growth, in addition to securing more job opportunities for nationals with outstanding skills.

ADNOC aims to achieve climate neutrality in (Scopes 1 and 2) by 2050. This goal is based on ADNOC’s constant focus on the key factors to reduce emissions represented in enhancing energy efficiency, achieving operational excellence in its operations along the value chain of the sector, and reducing methane emissions Expanding the application of carbon capture, storage and use technologies, and benefiting from renewable energy sources.

The new sector that ADNOC will establish will benefit from the success achieved by the company in its investments and efforts to create and enhance value, with the aim of increasing growth and expansion at the international level, and taking advantage of the opportunities offered by renewable and new energy sources.

ADNOC has also succeeded in doubling the productivity of human resources per barrel of oil equivalent over the past five years, accompanied by an increase in the Emiratisation rate by 15%.

In the field of exploration, development and production, the national reserves of oil and gas have been increased through ADNOC's use of advanced technologies, the application of best practices in reservoir management and the implementation of world-class plans for field development.

The high-quality “Murban” crude represents the largest part of the country’s recently added national oil reserves, which are estimated at about 2 billion barrels, which contributes to enhancing the liquidity of Murban crude futures contracts in the long term since it began trading on the Abu Dhabi Intercontinental Futures Exchange in March. 2021.

In the field of refining, processing and marketing, the establishment of ADNOC Gas is based on ADNOC's experience of more than 40 years as a leading gas producer.

The merger of ADNOC Gas Processing and ADNOC LNG operations will create one of the world's leading gas processing companies with a processing capacity of more than 10 billion standard cubic feet per day, and will operate eight (8) onshore gas processing sites. And marine, in addition to a network of pipelines extending more than 3,250 kilometers.

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