ADNOC on track to reach 4mn bpd production capacity in 2020
Dr. Sultan Al Jaber, CEO of ADNOC Group, said that the company should reach its target for 2020, and is working to achieve gas self-sufficiency
ADNOC is on track to hit its target of 4mn barrels per day (bpd) of production capacity in 2020, group CEO Dr. Sultan Al Jaber said at the Atlantic Council Global Energy Forum in Abu Dhabi.
"At ADNOC we are well on track to increase crude oil production capacity to 4mbpd by the end of this year, and we made significant new discoveries last year that moved the UAE from the seventh to the sixth-largest in oil and gas reserves in the world," Al Jaber said.
In November 2019, ADNOC announced that it had discovered additional reserves of 7bn barrels of oil, 58trn cubic feet of conventional gas, and 160trn cubic feet of unconventional gas.
"We are also on a path to achieve gas self-sufficiency and to ultimately become a net exporter," Al Jaber also said, noting the company's gas strategy.
He also commented on recent geopolitical tensions following the US strike which killed Iran's top military commander Qassem Soleimani, saying that "geopolitical tensions have dissipated over the past few days and wisdom appears to be prevailing."
"While we continue to live with some uncertainties, the global economy in 2020 appears to be in better shape than last year, with trade tensions easing, manufacturing showing signs of renewed growth, global consumer spending [improving]," he said, adding that "we can look forward with cautious optimism.