Tag: ADNOC

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ADNOC Gas awards $550m for UAE infra expansion

The EPC contracts are worth a combined $550 million (AED2 billion) and were awarded to NMDC Energy P.J.S.C and Galfar Engineering & Contracting W.L.L Emirates…reports Asian Lite News

ADNOC Gas plc has announced the award of engineering, procurement and construction (EPC) contracts for the next phase of the UAE sales gas pipeline network enhancement “ESTIDAMA Project”.

Separately, ownership of ESTIDAMA is being transferred from ADNOC Gas to ADNOC, thereby significantly optimising ADNOC Gas’ capital efficiency.

The EPC contracts are worth a combined $550 million (AED2 billion) and were awarded to NMDC Energy P.J.S.C and Galfar Engineering & Contracting W.L.L Emirates.

Approximately 70% of the contracts’ value is expected to flow back into the UAE economy through ADNOC’s In-Country Value (ICV) programme, supporting local economic growth and diversification.

ESTIDAMA will extend the UAE’s natural gas pipeline network operated by ADNOC Gas from approximately 3,200 kilometres to over 3,500 kilometres, enabling the transportation of higher volumes of natural gas to customers in the Northern Emirates of the UAE.

Following the ownership transfer, ADNOC Gas will continue to manage ESTIDAMA, leveraging its expertise in construction and pipeline operations, with ADNOC covering the capital expenditures for this critical infrastructure project.

Dr. Ahmed Alebri, Chief Executive Officer of ADNOC Gas, said, “This award supports the ongoing expansion of the UAE’s gas pipeline network, which will bring lower-cost and sustainable natural gas to more locations across the country. We are proud to play a leading role in meeting the growing demand for gas across the country and enabling the UAE’s goal of gas self-sufficiency.

“With the transfer of ownership of the ESTIDAMA Project to ADNOC, ADNOC Gas will continue to benefit from the expansion of the pipeline networks, while improving our capital efficiency to ensure that we maximise value for our shareholders.”

ADNOC Gas will continue to expand its domestic business through ESTIDAMA, paying ADNOC a variable transmission fee for actual throughput of the pipeline. ADNOC Gas will also be paid to operate and maintain ESTIDAMA on behalf of ADNOC.

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ADNOC saves $500m from 30 AI tools

Last year, ADNOC deployed over 30 AI tools, enhancing project efficiency, saving up to $500 million, and cutting over one million tonnes of carbon emissions….reports Asian Lite News

Ibrahim Al-Zu’bi, Group Chief Sustainability & ESG Officer at ADNOC Group, said that ADNOC Group has been an early adopter of artificial intelligence techniques to achieve sustainability.

Last year, ADNOC implemented more than 30 artificial intelligence tools to improve the efficiency of its projects, resulting in savings of up to $500 million, in addition to reducing more than one million tonnes of carbon emissions.

In a statement to the Emirates News Agency (WAM) on the sidelines of the Global Sustainability Forum in Abu Dhabi today, Al-Zu’bi added that the forum witnessed the launch of a digital platform for startups working in the field of artificial intelligence and sustainability systems to accelerate the achievement of sustainable development goals, in partnership with the CEO Sustainability Network and the IBM, to accelerate the application of artificial intelligence technologies at government and private levels.

He pointed out that the digital platform will receive all ideas from companies and individuals that can be applied in the UAE and the region, and will work with partners to pilot the AI solutions offered and benefit from these experiences, noting that the current focus is on building young Emirati and Arab cadres, thus enhancing the UAE’s position as a global beacon for the application of AI solutions in the field of sustainable development globally.

“The second edition of the Global Sustainability Forum, which kicked off today, witnessed the participation of more than 460 participants and 85 companies from the UAE and around the world, compared to 85 participants and 23 companies in the first edition of the forum held during COP28,” said Al-Zu’bi, noting that the forum has managed to achieve four times the targeted goals in one year.

The Forum is an open platform to build on the momentum and achievements of the first Global Sustainability Forum, held on the sidelines of COP28 and hosted by the UAE. It is also an opportunity to support the realisation of the global climate change goals set out in the UAE Consensus and pave the way for more fruitful outcomes ahead of the upcoming COP29 climate change conference.

Sheikh Khaled visits ADNOC trading office

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has visited ADNOC’s trading office at Abu Dhabi Global Market and reviewed the achievements of ADNOC’s trading businesses, ADNOC Global Trading and ADNOC Trading.

His Highness toured the trading floor, where he met Emirati commodity traders who are helping to create additional revenue streams through ADNOC’s expansion into new energy markets. He highlighted the role of ADNOC’s trading businesses in further strengthening Abu Dhabi’s position as a global trading hub while supporting the UAE’s growth into new energies and further diversifying the economy to continue driving sustainable economic development for Abu Dhabi and the UAE.

Launched in 2020, ADNOC’s trading companies have unlocked sizeable revenue streams for the company. ADNOC has also expanded its trading desks from refined products (such as gasoline, jet fuel, gasoil, and naphtha) and crude oil, to include liquefied petroleum gas (LPG), liquefied natural gas (LNG), biofuels, sulphur and carbon, thereby capturing new market share and supporting the UAE’s growth into new energies.

His Highness was also briefed on how ADNOC is equipping UAE Nationals with skills and experience in international commodity trading through its Trading Academy. His Highness emphasised the leadership’s ongoing commitment to supporting Emirati youth as the bedrock of the country’s success, and its focus on investing in skills development in key strategic areas as a fundamental pillar of the UAE’s future growth.

AGT and AT employ over 100 Emiratis in the two trading companies, with more currently undertaking training to become traders through the academy. UAE Nationals are responsible for core trading functions, including physical trading, chartering for own flows and 3rd-party volumes, and derivatives trading including hedging.

During the visit, His Highness also endorsed plans to further expand ADNOC’s trading activities to support global energy security and reinforce the UAE’s position as an important player in global energy markets. ADNOC has established active trading offices in Singapore, expanded its trading operations with offices in Europe and plans to extend its operations to the United States (US).

ADNOC’s trading businesses harness the power of artificial intelligence (AI) and technology to manage risk, generate value, and ensure 100 per cent accuracy with every trade placed with counterparties. AGT trades refined products from ADNOC and other sources to the market while AT is focused on the trade of crude oil and LNG and is active on ICE Futures Abu Dhabi (IFAD), an independent futures exchange for the trade of Murban Futures contract derivatives.

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Hamdan lauds ADNOC’s efforts in employing AI in production

This came during His Highness’ visit today to the Bu Hasa oilfield where he met with Emirati ADNOC staff working at the field…reports Asian Lite News

H.H. Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region, said that the United Arab Emirates, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, is at the forefront of leveraging cutting-edge technologies like AI to drive sustainable growth and progress, particularly in the energy sector.

This came during His Highness’ visit today to the Bu Hasa oilfield where he met with Emirati ADNOC staff working at the field. He toured key facilities and operations, learning about the company’s efforts to leverage AI and advanced technologies for enhanced efficiency, productivity, and emissions reduction.

He was accompanied during the visit by Sheikh Mohammed bin Hamdan bin Zayed Al Nahyan, Sheikh Yas bin Hamdan bin Zayed Al Nahyan, Nasser Mohammed Al Mansouri, Under-Secretary of the Ruler’s Representative’s Court in the Al Dhafra Region, and Issa Hamad Bushahab, Advisor to His Highness the Ruler’s Representative in the Al Dhafra Region, along with a number of officials.

“I’m delighted to learn about ADNOC’s ongoing efforts to solidify the UAE’s leadership in global energy security. Their commitment to achieve net-zero carbon emissions by 2045 is commendable. By empowering Emirati talent and deploying advanced AI and digital solutions in the energy sector, ADNOC is ensuring increased production efficiency, reduced emissions, and optimal utilisation of our national resources,” said Sheikh Hamdan.

During his meeting with ADNOC’s national staff, His Highness conveyed to them the greetings of His Highness President Sheikh Mohamed, stressing on His Highness’s keenness to provide all means of success for them to ensure their active contribution to the path of growth and prosperity of the country. Sheikh Hamdan emphasised on the importance of Emirati women’s participation across various sectors, including the energy sector, highlighting their proven ability and success in tackling diverse tasks within this field.

He praised the pivotal role played by the Emirati female cadres working in the Bu Hasa field, where they contribute through their different positions to the implementation of ADNOC’s plans to enhance efficiency, raise productivity and reduce emissions through the use of AI applications and tools and advanced technologies.

Upon his arrival at the Bu Hasa field, Sheikh Hamdan was received by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, and the company’s executive management team.

ADNOC team presented Sheikh Hamdan with details on several strategic projects underway at the Bu Hasa field. These initiatives aim to achieve growth, enhance efficiency, and reduce emissions, notably the plans to increase production capacity from 650,000 barrels per day to over 790,000 barrels per day and to increase associated gas production from 650 million cubic feet per day to more than 800 million cubic feet per day by 2027.

This is in addition to strategic projects that include providing sustainable water supplies to the Bu Hasa and Bab fields. Other strategic projects include utilising treated seawater instead of groundwater in the Enhanced oil recovery (EOR) processes, reducing energy consumption and emissions, and the project to employ water and gas injection technologies into reservoirs to enhance production. This is in addition to a proposed joint project to develop a bromine production facility, used in drilling fluids.

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ADNOC Gas, GAIL India sign 10-year LNG deal

This agreement underscores ADNOC Gas’ growing global presence, particularly in the Asian LNG market…reports Asian Lite News

ADNOC Gas plc today announced a 10-year agreement to supply 0.5 million metric tons per annum (mmtpa) of Liquified Natural Gas (LNG) to GAIL India Limited, India’s leading natural gas company.

This agreement underscores ADNOC Gas’ growing global presence, particularly in the Asian LNG market and further reinforces the relationship between the UAE and India.

This agreement follows several significant international LNG sales agreements, including those with Japan Petroleum Exploration Co., Ltd. (JAPEX), TotalEnergies Gas and Power, Indian Oil Corporation (IOCL), and PetroChina International (PCI), underscoring ADNOC Gas’ position as a global export partner of choice.

The world continues to witness long-term structural demand growth for natural gas, an important fuel in a just and responsible global energy transition.

ADNOC Gas remains focused on investments that will drive sustainable growth for its business, aligned with customer demand. In 2023, ADNOC Gas maintained a strong sales momentum signing several LNG agreements valued between $9.4 billion (AED34.5 billion) and $12 billion (AED44 billion), while continuing to invest domestically to position itself to meet both local and international demand for natural gas.

Dr. Ahmed Mohamed Alebri, Chief Executive Officer of ADNOC Gas, said, “This long-term LNG supply agreement with GAIL India marks a significant step forward in our commitment to continue providing reliable and sustainable energy solutions to our partners and customers around the world. India continues to be a key market for ADNOC Gas, and this latest supply agreement underscores our ongoing dedication to fostering long-term partnerships that promote responsible energy consumption.”

Natural gas plays a crucial role as a transitional fuel, with lower carbon emissions compared to other fossil fuels. It also serves as an important raw material in industrial value chains.

ADNOC Gas continues to leverage opportunities arising from ADNOC’s integrated gas masterplan, which links every part of the gas value chain in the UAE, ensuring a sustainable and economic supply of natural gas to meet local and international demand.

Within the ADNOC Group’s broader Gas masterplan, ADNOC is progressing a new low-carbon Ruwais LNG project, currently under development in Al Ruwais Industrial City, Abu Dhabi. The Ruwais LNG project is set to be the first LNG export facility in the Middle East and North Africa (MENA) region to run on clean power, making it one of the lowest-carbon intensity LNG plants in the world, supporting ADNOC’s accelerated Net Zero by 2045 ambition.

When completed, the project, is expected to consist of two 4.8 mmtpa LNG liquefaction trains with a total capacity of 9.6 mmtpa.

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ADNOC to Inject Dh178B to Fuel UAE’s 5-Year Growth

ADNOC’s budget allocation has been increased for landmark decarbonisation projects, technologies and lower carbon solutions to $23 billion (AED84.4 billion)….reports Asian Lite News

The Abu Dhabi National Oil Company (ADNOC) Board of Directors emphasised the company’s role as a catalyst for the UAE’s economic and industrial growth and endorsed the company’s goal to drive $48.5 billion (AED178 billion) back into the UAE economy over the next five years.

This was when UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan presided over the annual meeting of the ADNOC Board of Directors. During the meeting, which was held at ADNOC Headquarters, His Highness directed ADNOC to grow its diversified portfolio and provide secure, reliable and responsible energy to support the delivery of a just, orderly and equitable global energy transition.

As ADNOC continues to transform, decarbonise and future-proof its business, His Highness noted that the company is tripling its renewable energy capacity through its shareholding in Masdar while delivering tangible actions towards its interim targets of reducing its greenhouse gas intensity by 25% and achieving near-zero methane emissions by 2030.

His Highness said that this continued focus underlines the UAE’s long-term commitment to supporting global energy security and enabling a more sustainable future.

The President noted the crucial role ADNOC employees continue to play in driving its success and thanked them for their hard work, dedication and commitment. His Highness stressed that people are the nation’s greatest asset, and the UAE leadership will continue to prioritize human capital development.

The board was updated on ADNOC’s record-breaking initial public offerings (IPOs) and the company’s first investments outside the UAE in 2023. The board mandated ADNOC to prioritise transformational growth, partnerships and international opportunities to future-proof and drive value for Abu Dhabi and the UAE.

In December, ADNOC announced that it has entered into a sale and purchase agreement for the acquisition of OCI’s entire majority shareholding in Fertiglobe plc. This supports the company’s ambitious chemicals strategy and its plans to establish a global growth platform for low-carbon ammonia, a key lower-carbon fuel and hydrogen carrier that is expected to play an important role in the energy transition.

The board was briefed on the steps that ADNOC has taken in support of its industry-leading Net Zero by 2045 target and directed the company to deploy leading edge technologies to accelerate decarbonisation, renewables growth, and lower-carbon solutions in support of the target.

During the meeting, the board increased ADNOC’s budget allocation for landmark decarbonisation projects, technologies and lower carbon solutions to $23 billion (AED84.4 billion). The increased allocation will include investments to grow the company’s domestic and international carbon management platforms, supporting the decarbonisation journeys of both ADNOC and its customers.

ADNOC also created 6,500 jobs for UAE nationals in the private sector in 2023 through the programme, in partnership with the Emirati Talent Competitiveness Council (Nafis). These achievements bring the total value driven back into the UAE economy to $51 billion (AED187 billion), with 11,500 UAE nationals employed in the private sector since the programme was launched in 2018.

The board praised IOC for prioritising UAE talent development and upskilling its workforce in emerging technologies, including artificial intelligence and digitalisation.

The board highlighted ADNOC’s focus on supporting the UAE’s ‘Make it in the Emirates’ initiative by encouraging local manufacturing of critical industrial products in the company’s supply chain. Since 2022, ADNOC has signed local manufacturing agreements with UAE and international companies worth $16.9 billion (AED62 billion), accelerating progress against its target to locally manufacture $19 billion (AED70 billion) worth of products in its procurement pipeline by 2027.

Investing in local communities continues to be a key priority for ADNOC, and the board noted the success of the company’s corporate social responsibility (CSR) programme, which has contributed more than $1.36 billion (AED5 billion) to local communities since 2018. The programme has positively impacted 5 million people across the UAE with key investments in science, technology, engineering, and mathematics (STEM), sport and wellbeing, culture and community, natural heritage, and local environmental projects.

In 2023, ADNOC delivered several important milestones and achievements. The company completed two IPOs of ADNOC Gas and ADNOC LS, invested in one of the largest carbon capture projects in the Middle East and North Africa (MENA) region at Habshan, and announced the final investment decision for the Hail and Ghasha Offshore Development, which will be the world’s first project that aims to operate with net zero emissions. In support of ADNOC’s international growth strategy, the company announced its intention to acquire a 30% shareholding in the Absheron gas field in Azerbeijan.

ADNOC also disclosed its 2022 emissions performance, which confirmed its position in the top tier of lowest upstream carbon intensity oil and gas producers globally. The company has stated its ambition to double its carbon capture and storage (CCS) capacity target to 10 million tonnes per annum (mtpa) by 2030, which is the equivalent of removing over 2 million gasoline-powered cars from public highways. Furthermore, through its shareholding in Masdar, ADNOC is supporting Masdar’s target to reach 100 gigawatts (GW) by 2030.

ADNOC decarbonisation projects to meet its 25% reduction in carbon intensity by 2030 include using clean energy to provide 100% of its onshore grid electricity needs since the start of 2022 and connecting its offshore operations to the grid through a $3.8 billion (AED14 billion) project that, upon completion, can reduce its offshore carbon footprint by up to 50%. ADNOC is also advancing nature-based solutions through its plan to plant 10 million mangroves by 2030. To date, ADNOC has planted more than two million mangrove seedlings across Abu Dhabi, including 200,000 in 2022 using drones.

Dr. Al Jaber said, “At the direction of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and with the support of the ADNOC Board of Directors and all my colleagues, ADNOC continues to deliver on its mandate to transform, decarbonise and future-proof its business. As a leading global energy provider, we are committed to enabling a lower-carbon future and a just, orderly and equitable energy transition.

“By prioritising transformational growth, partnerships, and international opportunities, we are well positioned to grow our operations and unlock additional value, as we strive to make today’s energy cleaner, invest in the clean energies of tomorrow and continue to provide secure and sustainable energy to meet growing global demand. Delivering on this mandate reinforces our ambitous net zero pathway and our critical role as the catalyst for the UAE’s economic and industrial growth.”

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ADNOC Gas awards $1.34B contracts for new pipeline

This strategic pipeline extension will drive further growth for ADNOC Gas as it continues to supply sustainable gas supplies…reports Asian Lite News

ADNOC Gas plc has announced the award of $1.34 billion in contracts to Petrofac Emirates LLC and the Consortium between National Petroleum Construction Co. PJSC and C.A.T International Ltd. for the expansion of its natural gas pipeline network.

Under the sales gas pipeline network enhancement (ESTIDAMA) programme, the new pipeline will extend ADNOC Gas’ existing pipeline network from approximately 3,200 kilometres (km) to over 3,500km, enabling the transportation of higher volumes of natural gas to customers in the Northern emirates of the UAE.

This strategic pipeline extension will drive further growth for ADNOC Gas as it continues to supply sustainable gas supplies in the UAE to support the company’s strategy to increase its market share and enhance its customer base.

Ahmed Mohamed Alebri, Chief Executive Officer of ADNOC Gas, said, “Our strategic network expansion will bring the advantages of lower-cost, sustainable and cleaner gas to more locations across the UAE by enhancing industrial access to natural gas, a cost-competitive and lower-carbon intensive fuel. The expanded pipeline will drive further growth for ADNOC Gas and our shareholders as we deliver on our mandate to achieve gas self-sufficiency for the UAE.”

As part of ADNOC’s highly successful In-Country Value (ICV) programme, which aims to enhance the UAE’s local value chain by encouraging local manufacturing and supporting local industries, over 70% of the contracts’ value is expected to flow back into the UAE economy.

The ESTIDAMA programme comprises several packages, with the first one awarded in 2021 for early modification works on existing pipelines and completed in 2023. The second and third packages, which are being awarded now, include the construction of new pipelines and a gas compression plant in Habshan that will help deliver essential feed gas to key customers across the Emirates.

ADNOC’s integrated gas masterplan connects all parts of the UAE’s gas value chain, ensuring a sustainable and economical natural gas supply to meet local and international demand. The plan includes innovative approaches and technologies to increase gas recovery from existing fields and develop untapped resources.

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ADNOC Gas gains Dh33.8b on first day after IPO

In the first trading day, the stock saw active trades totalling 276.2 million shares worth AED781.9 million through 8,921 executed trades….reports Asian Lite News

ADNOC Gas stocks increased their gains and capital profits to more than AED33.8 billion on the first day of trading after the company’s initial public offering (IPO) at the Abu Dhabi Securities Exchange (ADX).

The company’s market capital rose from AED181.9 billion to AED215.6 billion by the end of today’s trading session, closing at AED2.81 per share, an increase of 18.6 percent compared to the final offering price.

In the first trading day, the stock saw active trades totalling 276.2 million shares worth AED781.9 million through 8,921 executed trades.

The listing and trading of ADNOC Gas shares began at ADX after the successful completion of the largest-ever IPO in the market and the largest in the world so far this year.

The IPO, which raised total proceeds of AED9.1 billion through the Abu Dhabi National Oil Company, ADNOC, gaining a minority stake representing some five percent of the company’s total issued capital, witnessed the strongest demand ever for an IPO in the UAE, with total demand across all segments being more than AED450 billion, exceeding the target value by around 50-fold.

ADNOC Gas is the fifth company that ADNOC has successfully brought to market and the Offering’s unprecedented success is the culmination of its ongoing value creation programme, which has seen ADNOC play a critical role in enabling the growth and expansion of the UAE economy and its capital markets.

ADNOC Gas has access to 95% of the UAE’s natural gas reserves, which are estimated to be the 7th largest natural gas reserves globally, and it supplies over 60% of the UAE’s sales gas needs as well as possessing a diverse customer base in over 20 countries.

Recording an Adjusted Revenue (as defined in the International Offering Memorandum) of $21.1 billion and net income of $4.2 billion (each for the ten months ended 31 October 2022), the Company is well-positioned to capitalize on increasing global demand for natural gas to support its growth strategy and future dividend commitments.

The Company is targeting to pay dividends of $1.625 billion in the fourth quarter of 2023 in respect of the first half of the year ended 31st December 2023 and a further $1.625 billion in the second quarter of 2024 in respect of the second half of the year ended 31st December 2023. Thereafter, the Company expects to grow its annual target dividend amount from $3,250 million (which is equal to the annualised dividend for the year ended 31st December 2023) by a growth rate of 5% per annum on a dividend per share basis over the period 2024-2027.

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Adnoc retains UAE’s most valuable brand status

ADNOC maintained in 2023 its position as the UAE’s most valuable brand for the fifth consecutive year, according to a new report from Brand Finance, the world’s leading independent brand valuation consultancy.

ADNOC’s brand value increased by 11% year-on-year to reach $14.2 billion in 2023, an ADNOC statement said on Wednesday.

ADNOC Brand Strength Index increased from 79.1 points to 79.4 points, maintaining its “AA+” rating. Globally amongst all brands, ADNOC climbed 28 places to 138th place from 167th in 2022.

Within the oil and gas industry, ADNOC rose one rank to 8th place.

In terms of brand strength, ADNOC is now the 10th strongest oil and gas brand globally, up two places from 12th in 2022.

The continuous growth of ADNOC’s brand value aligns with the leadership directives, the support of the company’s board of directors, and the efforts and dedication of its employees. ADNOC is committed to making today’s energy cleaner, while investing in the clean energies of tomorrow and the company continues to strengthen its position as a reliable and responsible global energy provider.

According to Brand Finance, brand value is the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand value is determined through a balanced scorecard of factors, including marketing investment, stakeholder equity, and business performance.

e& named MEA’s most valuable portfolio

e& (formerly known as Etisalat Group) has consolidated its position as the most valuable portfolio of telecom brands in the Middle East and Africa (MEA), according to the 2023 Brand Finance Global 500 Report released at the World Economic Forum (WEF) in Davos.

Highlighting its transformation efforts into a global technology and investment conglomerate, e& has achieved remarkable business growth and unwavering stakeholder confidence in 2022, with its portfolio of brands now exceeding a total value of US$14 billion.

This reflects the success of the Group’s business strategy over the past year, which has introduced further improvements in customer service, more people-focused products and new digital services across its specialist business verticals.

etisalat by e&, the Group’s largest telecom brand, also retained its position as the strongest telecom brands across all categories in the MEA region, achieving a score of 89.1 out of 100 and an “AAA” rating, according to the report. It was also rated one of the top three telecom brands in the world, due to its market reach, operational capabilities, and outstanding customer service record.

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Adnoc to produce 5M barrels per day by 2027

The board endorsed the creation of ‘ADNOC Gas’, which will be listed in ADX in 2023…reports Asian Lite News

President Sheikh Mohamed bin Zayed Al Nahyan, yesterday presided over the annual meeting of the Abu Dhabi National Oil Company (ADNOC) Board of Directors, in his capacity as its Chairman.

During the meeting, which was held at ADNOC Headquarters, the board directed ADNOC to pursue a Net Zero by 2050 ambition to support the UAE Net Zero by 2050 Strategic Initiative.

The board also approved ADNOC’s strategy to accelerate growth across its value chain to responsibly meet rising energy demand and support global energy security.

As part of the strategy, ADNOC will establish a new Low Carbon Solutions & International Growth vertical focused on new energies, gas, liquefied natural gas (LNG) and chemicals.

President Sheikh Mohamed bin Zayed praised ADNOC’s steps to further reduce its carbon footprint as it expands its operations to meet rising global energy demand.

Sheikh Mohamed underlined ADNOC’s important role as a primary catalyst for the UAE’s growth and diversification and commended the company for maximising value for the nation and creating new economic and industrial opportunities for the private sector.

He praised ADNOC’s efforts to drive industrial growth through its In-Country Value (ICV) programme and its support for the “Make it in the Emirates” initiative.

This year, ADNOC’s ICV programme has driven over AED35 billion (US$9.54 billion) back into the nation’s economy and enabled 2,000 UAE Nationals to be employed in ADNOC’s supply chain.

These achievements bring the total value driven back into the economy to AED 140 billion (US$38 billion) since the programme was launched in 2018. In addition, a total of 5,000 UAE Nationals have been employed in ADNOC’s supply chain through the programme since it was launched.

ADNOC is also supporting the “Make it in the Emirates” initiative and has signed agreements for local manufacturing opportunities worth over AED25 billion (US$6.8 billion) with the UAE and international companies this year, as it delivers on its target to locally manufacture over 100 products in its procurement pipeline worth AED70 billion (US$19 billion) by 2030.

Sheikh Mohamed commended ADNOC’s achievements in enhancing the productivity of employees and increasing the rate of UAE National employment by 15 percentage points over the past five years.

Sheikh Mohamed met with a group of ADNOC youth employees and was briefed on the company’s transformation journey. ADNOC’s transformation is enabled by its Accelerate 100X programme aimed at capitalising on the evolving energy landscape, future-proofing the company during the energy transition and maximising value for the UAE.

At the meeting, the board endorsed plans to bring forward ADNOC’s 5 million barrels per day (mmbopd) oil production capacity expansion to 2027, from the previous target of 2030, as part of the accelerated growth strategy. ADNOC produces some of the world’s least carbon intensive oil and this new target will provide the company with greater flexibility to meet rising global energy demand.

The accelerated production capacity target is underpinned by the UAE’s robust hydrocarbon reserves, which have increased by 2 billion stock tank barrels (STB) of oil and 1 trillion standard cubic feet (TSCF) of natural gas this year. These additional reserves increase the UAE’s reserves base to 113 billion STB of oil and 290 TSCF of natural gas, reinforcing the country’s position in global rankings as the custodian of the sixth-largest oil reserves and the seventh-largest gas reserves.

The board endorsed the creation of ‘ADNOC Gas’, a new world-scale gas processing and marketing company, effective 1st January, 2023. The flagship company will combine the operations, maintenance and marketing of ADNOC Gas Processing and ADNOC LNG into one consolidated entity. ADNOC 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, subject to applicable regulatory approvals.

ADNOC’s five-year business plan and capital expenditure (CAPEX) of AED550 billion (US$150 billion) for 2023-2027 was approved to enable the accelerated growth strategy. As part of this plan, ADNOC aims to drive AED175 billion (US$48 billion) back into the UAE economy through its ICV programme.

ADNOC’s Net Zero by 2050 ambition covers its operational Scope 1 and Scope 2 greenhouse gas emissions (GHG). This ambition is underpinned by a continued focus on key decarbonisation levers of energy efficiency and operational excellence across the value chain, large scale implementation of carbon capture, utilisation and storage (CCUS) and the use of renewable energy sources.

ADNOC is an industry leader in efficiently reducing methane emissions, and it is making significant investments in new technologies to further improve its environmental performance. The company recently set a new upstream methane intensity target of 0.15 percent by 2025. ADNOC is also leveraging its partnerships to invest in and integrate low-carbon technologies and solutions to ensure a cost-effective decarbonisation pathway.

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ADNOC confirms new offshore gas discovery

This achievement follows the announcement in December 2021 of the discovery of up to 1 billion barrels of oil equivalent (BBOE) in Onshore Block 4 Exploration Concession, operated by INPEX/JODCO…reports Asian Lite News

The Abu Dhabi National Oil Company (ADNOC) announced today the discovery of natural gas resources offshore of the Emirate of Abu Dhabi.

Interim results from the first exploration well in Abu Dhabi’s Offshore Block 2 Exploration Concession operated by Eni, indicate between 1.5 – 2 trillion standard cubic feet (TSCF) of raw gas in place.

This discovery marks the first from Abu Dhabi’s offshore exploration concessions, highlighting the continued success of ADNOC’s block bid rounds and its expanded approach to strategic partnerships. A consortium led by Eni and PTT Exploration and Production Public Company Limited (PTTEP) were awarded the exploration rights for Offshore Block 2 in 2019 as part of ADNOC’s debut competitive block bid round.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), said, “The discovery of material natural gas resources in Offshore Block 2 underscores how ADNOC’s expanded approach to strategic partnerships is enabling us to accelerate the exploration and development of Abu Dhabi’s untapped hydrocarbon resources and create long-term value for the UAE, in line with the Leadership’s wise directives. We congratulate our valued partners, Eni and PTTEP, on this achievement and we look forward to continuing to work with all our strategic partners to sustainably unlock Abu Dhabi’s hydrocarbon resources and stay ahead of the world’s growing demand for lower-carbon energy.”

Offshore Block 2 covers an area of 4,033 square kilometers northwest of Abu Dhabi. The discovery in the block was enabled by new insights from the world’s largest combined onshore and offshore three-dimensional (3D) mega seismic survey currently underway in Abu Dhabi.

Yaser Saeed Almazrouei, ADNOC Upstream Executive Director, said, “The positive interim results recorded by our partners, Eni and PTTEP, in the exploration of Offshore Block 2 follows the recent significant discovery in Onshore Block 4, highlighting the continued success of ADNOC’s accelerated exploration and development program. Both discoveries leveraged insights from ADNOC’s ongoing 3D mega seismic survey, underpinning the important role the survey is playing for us and our strategic partners as it utilises state-of-the-art technologies to help identify new hydrocarbon resources across Abu Dhabi.”

Drilling operations continue to reach deeper formations to fully unlock the resource volume in Offshore Block 2 and further explore the promising potential across the block as well as across Offshore Blocks 1 and 3 exploration concession areas, which were also awarded to Eni and PTTEP.

This achievement follows the announcement in December 2021 of the discovery of up to 1 billion barrels of oil equivalent (BBOE) in Onshore Block 4 Exploration Concession, operated by INPEX/JODCO.

ADNOC launched Abu Dhabi’s first and second competitive block bid rounds in 2018 and 2019 respectively, offering a set of major onshore and offshore blocks to international companies, on behalf of the Government of Abu Dhabi. Based on existing data from detailed petroleum system studies, seismic surveys, exploration and appraisal wells data, estimates suggest the blocks hold multiple billion barrels of oil and multiple trillion cubic feet of natural gas.

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