The Abu Dhabi National Oil Company (ADNOC) said that in November last year, the Supreme Petroleum Council adopted ADNOC's comprehensive strategy for gas, which aims to achieve self-sufficiency with the possibility of transforming from an importer to a gas exporter through future projects.
He also adopted plans to increase the production capacity of crude oil, from 3.5 million barrels per day, by the end of last year, to four million barrels per day by the end of 2020.
ADNOC today announced that it has announced the expansion of its strategic partnership model, the creation of new investment opportunities in various fields and aspects of its business in the oil and gas sector, and the proactive management of its asset portfolio and capital.
Comprehensive strategy
Abu Dhabi National Oil Company (ADNOC) said that through its integrated 2030 strategy for smart growth, which is based on an institutional culture that focuses on excellence, profitability and increased economic returns, ADNOC is looking to anticipate and enhance its flexibility in various phases of the oil and gas sector, Its ability to keep abreast of developments in the energy sector to ensure its sustainability and to contribute to establishing the UAE's prestigious position as a reliable and responsible energy supplier.
ADNOC said in response to Emirates Today inquiries that the Supreme Petroleum Council adopted in November last year ADNOC's comprehensive strategy for gas, which aims to achieve self-sufficiency, with the possibility of converting from an importer to a gas exporter. Investments, development projects and strategic partnerships aimed at enhancing the value of gas reservoirs.
The Council also adopted plans to increase the production capacity of crude oil from 3.5 million barrels per day by the end of last year to 4 million barrels per day by the end of next year and to 5 million barrels per day in 2030. The Council also adopted the new work plan for ADNOC, which includes an increase in capital expenditures to AED 486 billion for the five years from 2019 to 2023.
New opportunities
In July 2017, ADNOC announced that it had expanded its strategic partnership model, created new investment opportunities in various fields and aspects of its business in the oil and gas sector, while enhancing the pro-active management of its asset portfolio and capital.
The company said it launched a number of value-creating initiatives, including ADNOC's start-up with the capital markets, the issuance of Abu Dhabi Crude Oil Pipeline (ADCOP), the ADNOC Distribution IPO, As well as strategic business partnership between ADNOC Drilling, Bakerhaus, ADNOC Refining, Eni and OMV.
ADNOC pointed out that Fitch has granted it an independent rating of AA + and a rating of AA for the ability to meet its long-term obligations with a stable outlook. These ratings are currently rated as the highest credit ratings, It is awarded by Fitch to an oil and gas company worldwide.
Exceptional achievements
Over the past three years, ADNOC has achieved exceptional achievements, notably the consolidation of the Group's business and corporate identity, the launch of its global capital markets for the first time, the successful IPO of one of its companies and the opening of privileges to strategic partners In addition to working on growth and expansion in the field of refining and petrochemicals with investments worth 165 billion dirhams.
A competitive bid has also been launched to license new areas to explore, develop and produce oil and gas in Abu Dhabi, as well as launch a plan to explore and develop non-traditional resources as well as a strategy to achieve gas self-sufficiency, with the potential to become a source.
Digital transformation and international expansion
Abu Dhabi National Oil Company (ADNOC) has announced that it has embarked on a comprehensive digital transformation, taking steps to expand internationally, open up new markets, restructure capital and improve financial performance, and establish a culture of excellence based on its core pillars of investment in human resources, Improving efficiency, increasing returns and profitability, as well as enhancing flexibility and a proactive approach to keeping abreast of developments.
The company has expanded its strategic partnership model and created new investment opportunities.