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CAIRO, Nov 24 (Reuters) – Abu Dhabi state oil company ADNOC plans $150 billion of investment between 2026 and 2030, it said on Monday, seeking to maintain existing operations, drive growth and meet global energy demand.
During a meeting on Monday, the board of directors welcomed the company’s increased oil reserves at 120 billion stock tank barrels (stb), up from 113 billion stb, and natural gas reserves of 297 trillion standard cubic feet (scf) from 290 trillion scf, it said.
The Emirati oil giant has been attracting new global partners to unconventional exploration concessions to speed up development, support the Gulf state’s gas self-sufficiency and meet growing global gas demand.
Abu Dhabi’s unconventional resources, those that require advanced extraction methods, are estimated at 160 tcf of gas and 22 billion stb of oil, the statement said.
ADNOC also said the enterprise value of international investment arm XRG had increased to $151 billion from about $80 billion after its launch in November last year.
XRG aims to pursue global deals in chemicals, natural gas and renewables as the emirate seeks to build a globe-spanning portfolio in those areas and rely less on oil export revenue.
The ADNOC board also gave the green light for a new operating company for its Ghasha concession, an offshore project expected to produce 1.8 billion scf of gas and 150,000 barrels per day of oil and condensates.
Reporting by Jaidaa Taha, Menna Alaa El-Din and Federico Maccioni Editing by Tomasz Janowski and David Goodman
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