ADNOC to spend over USD109bn to boost gas, invest in downstream activities
Abu Dhabi National Oil Co (ADNOC) will spend more than AED400bn (USD109bn) in the next five years, which will include boosting gas output and investing in international downstream activities, ADNOC said on Monday. Abu Dhabi's Supreme Petroleum Council (SPC) has approved the strategy, state-owned ADNOC said in a statement. To boost gas output, the firm said it would expand production of sour gas, which typically has high levels of hydrogen sulfide that needs to be removed. ADNOC said it was exploring and appraising deposits in tight reservoirs, which would be developed in the next five years. It would also expand its refining, gas processing and petrochemicals business portfolio at home and invest in international downstream activities, it said without giving details. ADNOC was also on track to expand oil production capacity to 3.5 million barrels per day (bpd) by the end of 2018, it said. "Enhanced efficiencies have brought ADNOC's leading low production cost down even further, a factor driving interest in the upcoming offshore concessions, which have attracted more than 14 potential partners from across the world," ADNOC said.
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