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    ADNOC announces capex of $150bn

Summary

The state-owned company has also announced the creation of ADNOC Gas, a new gas processing and marketing company, effective January 2023.

by: Shardul Sharma

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Natural Gas & LNG News, Middle East, Liquefied Natural Gas (LNG), Security of Supply, Corporate, Exploration & Production, Investments, News By Country, United Arab Emirates

ADNOC announces capex of $150bn

Abu Dhabi’s ADNOC on November 28 announced it plans to spend $150bn between 2023-2027 to boost oil and gas production.

The state-owned company plans to bring forward its 5mn barrels/day oil production capacity expansion to 2027, from the previous target of 2030, as part of the accelerated growth strategy.

The accelerated production capacity target is underpinned by the UAE’s hydrocarbon reserves, which have increased by 2bn stock tank barrels (STB) of oil and 1 trillion ft3 of natural gas this year. These additional reserves increase the UAE’s reserves base to 113bn STB of oil and 290 trillion ft3 of natural gas, ADNOC said.  

The ADNOC board has endorsed the creation of ADNOC Gas, a new gas processing and marketing company, effective January 2023. The company will combine the operations, maintenance and marketing of ADNOC Gas Processing and ADNOC LNG into one consolidated entity.

ADNOC said it will proceed with an initial public offering (IPO) of a minority stake in the new company on the Abu Dhabi Securities Exchange (ADX) in 2023.

ADNOC will pursue a net zero by 2050 ambition to support the UAE net zero by 2050 strategic initiative. As part of the strategy, ADNOC said it will establish a new low-carbon solutions and international growth vertical focused on new energies, gas, LNG and chemicals.