ADNOC approves five-year business plan

Abu Dhabi

ABU DHABI, November 3, 2016 – The Abu Dhabi National Oil Company (ADNOC) approved a new five-year business plan as part of its 2030 strategy on Wednesday, the same day it unveiled its new headquarters.

The ceremony was attended by Crown Prince Sheikh Mohammed bin Zayed Al Nahyan, who told journalists that the 2030 strategy will build on an efficiency drive launched earlier this year.

According to a report in the Gulf Today newspaper, the new long-term strategy will continue to focus on the upstream sector as ADNOC’s main business despite the current environment of low oil and gas prices.

Oil production is expected to rise by some 400,000 bopd to 3.5 million bopd by 2018. The company will also focus on new technologies for the production of sour gas, which will also help it to become one of the biggest sulphur producers in the world in the next decade, the report said.

Downstream, the company is hoping to expand and modernise its refining capacities in the next few years, including by launching a petrol and aromatics project in 2022 that would increase its petrol production capacity by some 4.2 million tonnes per year to 10.2 million tonnes per year. Total petrochemical production is expected to grow from 4.5 million tonnes per year today to 11.4 million tonnes per year in 2025.

“His Highness Shaikh Mohammed bin Zayed’s and the SPC’s [Supreme Petroleum Council’s] approval of our 2030 strategy and five-year business plan are momentous milestones in our evolution into an agile, resilient and commercially focused organisation that is able to adapt and maintain its competitive edge in today’s changing energy landscape,” said Sultan Al Jaber, ADNOC’s CEO, quoted by the Khaleej Times newspaper.

“We will ensure the oil and gas needs of our domestic and international customers are met and also enhance our downstream and petrochemical businesses to take advantage of growing demand for higher-value products.”