Page 9 - MEOG Week 48 2021

MEOG FINANCE & INVESTMENT MEOG

ADNOC reveals reserve upgrade,

receives budget approval

UAE ABU Dhabi National Oil Co. (ADNOC) this ADNOC’s New Energies Strategy, which aims
week has revealed a sizeable oil and gas reserve to reduce the company’s carbon footprint while
upgrade as it received approval for its 2022-2026 capitalising “on opportunities in renewable
budget for planned investments throughout the energy, hydrogen and other lower carbon fuels”.
energy value chain. ADNOC said that it intends to drive more
The company said that its oil reserves had than AED160bn ($43.6bn) back into the Emirate
risen by 4bn stock tank barrels (STB) to reach during the five-year period through its In-Coun-
111bn STB, placing the UAE sixth globally. try Value (ICV) programme and “usher a new
Gas reserves increased by 16 trillion cubic feet era of economic and social growth over the next
(453bn cubic metres) and now sit at 289 tcf (8.2 50 years”. The budget is $5bn higher than that
trillion cubic metres), good for seventh place. approved last year for the 2021-2025 period,
ADNOC said that the increase was driven by while the level of domestic spending remains
its “continuous appraisal activities and enabled the same.
by best reservoir management practices across Refining was notable by its absence from the
its onshore and offshore portfolio as well as lev- announcement, with ADNOC having recently
eraging advanced tailored technologies”. It fol- scrapped plans for expansion and greenfield
lows last year’s 24bn STB reserve upgrade, which development plans at its Ruwais downstream
comprised mainly unconventional resources. hub in the west of the emirate.
Meanwhile, Crown Prince Sheikh Mohamed Instead, it noted that it was planning to eval-
bin Zayed Al Nahyan, who serves as ADNOC’s uate opportunities to double its liquefaction
chairman, and the board of directors signed capacity from 6mn tonnes per year (tpy), facili-
off on the company’s five-year business plan tated by the capture of an additional 3 bcf (85mn
and capital expenditure (capex) of AED466bn cubic metres) per day of gas associated with
($127bn) for 2022-2026. expanded crude oil production.
The plans cover efforts in the upstream – Also highlighted were plans for the build-
which is seen yielding oil production capac- out of the TA’ZIZ “industrial ecosystem” at
ity of 5mn barrels per day (bpd) by 2030 – the Ruwais, in particular through the TA’ZIZ Indus-
expansion of its downstream portfolio and the trial Chemicals Zone where it is developing
build-out of low-carbon fuels and clean energy world-scale petrochemicals, manufacturing
capabilities. and low-carbon ammonia facilities with several
The latter was highlighted by the approval of international partners.™

Week 48 01•December•2021 www. NEWSBASE .com P9