Supreme Petroleum Council Approves Key Strategic Investments as ADNOC Expands 2030 Strategy
The Supreme Petroleum Council (SPC), presided over by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Vice-Chairman of the SPC, today approved ADNOC’s key strategic investments program and future opportunities, as the oil and gas company expands its 2030 strategy, aimed at unlocking, creating and maximizing value and ensuring smart growth in its upstream, and downstream businesses, while strengthening market access. The SPC approved ADNOC’s plans for capital expenditure of over AED 400 billion, over the next five years, as it embarks on its Upstream and Downstream expansion and growth projects. The SPC also approved ADNOC’s plans to explore and appraise Abu Dhabi’s unconventional gas resources, as the company seeks to enable future value creation from its untapped gas resources. And, the SPC gave the green light to ADNOC to pursue international downstream investments that will position ADNOC as a global player in the downstream market.
H.H. Sheikh Mohammed reaffirmed ADNOC has the unwavering support of UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan as it continues to drive the engines of the nation’s prosperity by creating long-term, sustainable value, from all of the nation’s hydrocarbon resources, to ensure it continues to be an integral pillar of UAE’s economy for decades to come.
The SPC is the highest governing body of the oil and gas industry in Abu Dhabi. The council formulates, approves and oversees the implementation of Abu Dhabi's petroleum policy and follows up its implementation across all areas of the petroleum industry to ensure that the set goals are accomplished.
H.E. Dr Al Jaber said: “His Highness Sheikh Mohamed bin Zayed and the SPC’s approval of our expanded strategic investment and growth plans signal a further, tangible, acceleration in ADNOC’s transformation. It marks the next phase in delivering our 2030 strategy, which will contribute to further maximising value from all our resources, introduce new and significant partnership opportunities and enhance our capabilities to diversify our portfolio of products, as we aim to expand into key growth markets.
“In line with the SPC’s directives, over the coming years, we will make strategic, commercially driven and targeted investments, across our entire value chain, aimed at maximizing existing resources, while also identifying and developing new, value-enhancing opportunities. We will continue to strengthen our resilience to the changing energy landscape, while remaining focused on managing our unit cost and driving performance, profitability and efficiency across our business.
“Furthermore, our intention to explore and appraise our unconventional resources, in collaboration with value-add, strategic partners, reinforces ADNOC’s objective to further diversify our hydrocarbon assets base and enable value creation through vast untapped resources. We aim to unlock and deliver material and commercially viable production from Abu Dhabi’s unconventional resources by 2030, with a focus on gas and gas liquids,” H.E. Dr Al Jaber added.
As it accelerates delivery of its 2030 strategy, ADNOC continues to optimize its Upstream operations and drive solutions to maximize recovery from its mature reservoirs, while seeking ways to cost effectively unlock the potential of untapped resources and leverage technology economies of scale to keep the operating cost per barrel at the most competitive level. It remains on track to expand oil production capacity to 3.5 million barrels a day by the end of 2018, and to improve drilling time by 30 per cent by 2019. Enhanced efficiencies have brought ADNOC’s leading low production cost down even further, a factor driving interest in the upcoming offshore concessions, which have attracted more than 14 potential partners from across the world.
ADNOC recently confirmed plans to offer a minimum 10 percent stake, or 1.25 billion shares, and a maximum 20 percent stake, or 2.5 billion shares, in the partial IPO of ADNOC Distribution, its fuel distribution unit. An indicative price range of between AED 2.35 and AED 2.95 per share, has been set. At the top of the range, the IPO would be the largest in the UAE since DP World was floated, 10 years ago.
We accept Guest Posts 
|
|
New
Review
Abu Dhabi International Airport - 41°F
