The Supreme Petroleum Council announced new discoveries of unconventional oil resources that can be recovered in onshore areas, estimated at 22 billion barrels of oil, in addition to an increase in conventional oil reserves by two billion barrels of oil in the Emirate of Abu Dhabi.
His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces and Deputy Chairman of the Supreme Petroleum Council, said that “the new resources will contribute to enhancing energy security in the country, and consolidate its position as a reliable and essential global supplier of the finest crude oil.”
His Highness stressed the importance of the Abu Dhabi National Oil Company (ADNOC) success in maintaining its competitiveness, flexibility, continuity and sustainability of its business without interruption or interruption in its basic operations, and continuing to achieve its operational and financial objectives, under exceptional circumstances. The markets are currently going through.
Discovery of oil
In detail, the Supreme Petroleum Council announced new discoveries of unconventional oil resources that can be recovered in onshore areas, estimated at 22 billion barrels of oil, in addition to an increase in conventional oil reserves by two billion barrels of oil in the Emirate of Abu Dhabi.
The Council approved, during a meeting held via visual communication technology, yesterday, chaired by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces and Deputy Chairman of the Supreme Petroleum Council, the Abu Dhabi National Oil Company (ADNOC) action plan to increase its capital investments To 448 billion dirhams for the next five years, which will enable the company to achieve smart growth. Through this plan, ADNOC intends to redirect 160 billion dirhams (43.6 billion dollars) to the local economy during the period between 2021 and 2025, through its program. To enhance the local added value, which aims to cooperate with private sector companies and international companies, provide more opportunities for the local private sector, contribute to economic and social development, and provide job opportunities for UAE citizens.
The Board also approved ADNOC’s award of new areas for exploration, development and production of oil and gas, as part of the second round of competitive bidding launched by Abu Dhabi in 2019, as part of its strategy to issue licenses for new areas.
The Supreme Petroleum Council reviewed the quantum leap achieved by ADNOC in its marketing, supply, trading and continuous development activities, which it is accomplishing to provide more services and products to customers, in order to achieve the maximum possible value from every barrel of oil produced, refined and sold. ADNOC has become thanks to this. Expansion is more integrated in the areas of shipping, logistics, warehousing, trade and trading, through the establishment of two new commercial companies: “ADNOC Trading” and “ADNOC Global Trade”.
ADNOC intends to expand its shipping capabilities by purchasing a fleet of giant crude oil tankers, through ADNOC Supplies and Services, which will provide new revenue streams in the long run, as it enters a new sector to support meeting the growing demand for its products and moving to Trade and trading.
The Board reviewed the joint venture, which was recently announced between ADNOC and the Holding Company – ADQ under the name of “Enhancement”, which was established by the two parties with the aim of developing and supervising the establishment of industrial projects within the “Ruwais complex for petrochemical derivatives”.
His Highness Sheikh Mohammed bin Zayed Al Nahyan contacted a number of ADNOC employees, who participated in the first line of defense during the spread of the new Corona virus (Covid-19), through visual communication, and praised their sincerity and dedication to work. His Highness stressed that the human resources are the most valuable asset the nation possesses.
His Highness also met, through visual communication, a number of members of the “ADNOC Young Leaders Program”, stressing the importance of empowering and developing young energies in the country, and ensuring that they are provided with the necessary skills and refinement to build a successful career.
Competitiveness and flexibility
His Highness Sheikh Mohammed bin Zayed Al Nahyan affirmed that the plans and strategies for developing various vital sectors in the country, especially the oil and gas sector, enjoy the interest and support of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State, praising the efforts of the Abu Dhabi National Oil Company (ADNOC) to expand Its investments and activities, through its integrated 2030 strategy for smart growth, to ensure its continued realization of sustainable value for the UAE and its people.
His Highness pointed out the importance of ADNOC’s success in maintaining its competitiveness, flexibility, continuity and sustainability of its business without interruption or interruption in its basic operations, and to continue achieving its operational and financial goals, in light of the exceptional circumstances the markets are currently going through, and the spread of the “Covid-19” pandemic.
His Highness Sheikh Mohammed bin Zayed Al Nahyan explained that ADNOC’s discovery of unconventional oil resources in land areas, and the increase in oil reserves from traditional resources, are a result of its relentless efforts to achieve the maximum possible value from hydrocarbon reserves for the benefit and service of the UAE, as the resources will contribute. What is new in enhancing energy security in the country, and establishing its position as an essential and reliable global supplier of the finest crude oil.
His Highness also expressed the Supreme Petroleum Council’s appreciation for the progress made in ADNOC’s plans to expand its refining and petrochemical operations, stressing that it will play an important role in advancing the economic recovery in the post-Covid-19 phase, in addition to ADNOC’s smart and innovative approach. In expanding the building of strategic partnerships, and providing joint investment opportunities that led to the completion of a number of important agreements and deals for the company.
Mohammed bin Zayed:
• “The discovered oil resources consolidate the position of the UAE as a reliable and global resource for oil.”
Al-Jaber: Strong operational and financial performance … and enhancing ADNOC’s position and capabilities
Sultan bin Ahmed Al Jaber. From the source
The Minister of Industry and Advanced Technology, CEO of ADNOC and its Group of Companies, Dr. Sultan bin Ahmed Al Jaber, expressed his gratitude for the guidance and support of His Highness Sheikh Mohammed bin Zayed Al Nahyan, and the Supreme Petroleum Council of «ADNOC», during the current year, which was full of challenges, Such as dealing with the “Covid-19” pandemic, and energy market fluctuations.
He said: “Thanks to the leadership directives and the paradigm shift that we have made over the past four years, we have been able to achieve strong operational and financial performance, in addition to enhancing the position, capabilities and flexibility of ADNOC to pursue its role in achieving sustainable value for the UAE in the long term and providing new investment opportunities. For the local private sector, and providing job opportunities for citizens through our program to enhance local added value.
Commenting on the new hydrocarbon discoveries, Al-Jaber said, “The Supreme Petroleum Council’s announcement of the discovery of large quantities of unconventional and recoverable oil resources reflects the extent of ADNOC’s efficiency in accelerating the pace of exploration and development of Abu Dhabi’s unconventional hydrocarbon resources, and it represents a major achievement for the development of the Abu Dhabi sector. Non-traditional resources in the state ».
He continued: “It is also important to note that the increase in the UAE’s reserves of traditional oil resources confirms the efforts made by the company to search for new opportunities, to achieve value from our hydrocarbon resources, in a way that ensures the strengthening of the UAE’s position as a reliable global energy supplier in the long run.
Al-Jaber affirmed that ADNOC will continue to work on developing large-scale investment projects in Ruwais, to achieve the maximum possible value from every barrel of oil produced, in line with the leadership’s directives, and with the company’s strategy to expand its refining and petrochemical operations. Development plans are at the fore. Al-Ruwais, and turning it into a vital global center for industrial growth.
The UAE is the sixth in the world in “oil reserves”
The 22 billion barrels of discoveries of unconventional recoverable oil resources announced by the Supreme Petroleum Council outnumber some of Abu Dhabi’s major fields in terms of resources, as the production potential is compared to the largest operations of shale oil in North America. The evaluation of unconventional oil resources was supported by comprehensive and expanded data on wells, in addition to a dedicated appraisal program from ADNOC in a land area covering an area of 25,000 square kilometers in Abu Dhabi.
As for the conventional oil reserves of two billion barrels, it contributes to increasing the UAE’s reserves of conventional oil resources to 107 billion barrels of recoverable oil, which strengthens the country’s position in sixth place in the world in the list of countries with the highest oil reserves.
This increase in reserves comes as a result of the continuous development processes undertaken by ADNOC in its endeavor to achieve its goal of increasing production capacity to five million barrels of oil per day by 2030, and the evaluation activities, especially in the Al-Nouf field.
Expanding refining and petrochemical operations
ADNOC’s plan to increase its capital investments will contribute to achieving growth and expansion in all areas of business, including exploration, development, production, gas, refining and petrochemicals, and supporting and developing the company’s capabilities in the field of product marketing and trading, in order to ensure that it maintains its flexibility and competitiveness, and consolidates its position over the past 50 years Next years.
To support this competitiveness, His Highness Sheikh Mohammed bin Zayed Al Nahyan directed ADNOC to explore and pursue potential opportunities in the field of hydrogen projects, to enhance the leadership of the UAE in this field.
47.1 billion dirhams in foreign investments in 2020
Despite market conditions and challenges that witnessed a decline in oil prices, ADNOC was able to attract foreign direct investments worth 47.1 billion dirhams (12.8 billion dollars) to the UAE this year, bringing the total foreign direct investment attracted by ADNOC to 237 billion dirhams. During the period from 2016 to 2020.
ADNOC is contributing to the efforts to enhance in-country value added in the UAE, following the success of its program to enhance in-country value, in redirecting more than 76 billion dirhams ($ 20.7 billion) into the local economy, and contributing to the creation of more than 2,000 jobs for UAE citizens in the country. The private sector, since the program was launched in January 2018.
Conventional and unconventional oil resources support ADNOC’s capabilities in producing additional quantities of Murban crude, which is considered one of the best crude oil in the world, thanks to its unique chemical properties, stable and stable production levels, its attractiveness and popularity to buyers and production partners and long-term concessions.
In turn, “Ryder Scott” company confirmed, through an independent evaluation, that ADNOC’s reserves of conventional oil and unconventional oil resources technically recoverable are compatible with its results.
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