International Finance
Featured Oil & Gas

Adnoc to continue investments to achieve 2030 targets

Adnoc investment
Adnoc wants to produce 5 million barrels of oil per day by 2030

The Abu Dhabi National Oil Company (Adnoc) has revealed that it will continue with its investment plans to deliver on its 2030 targets, despite the global slowdown caused by the coronavirus pandemic and the escalating price war.

Àdnoc plans to increase its oil production capacity to 4 million barrels per day (mbpd) at the end of 2020 and 5 mmbpd by 2030. To achieve its target, Adnoc announced a planned investment of around Dh486 billion between 2019 to 2023.

Dr Sultan Ahmed Al Jaber, UAE Minister of State and chief executive at Adnoc, told the media, “Today, as the result of our transformation over the past four years, Adnoc is far stronger, more resilient and better positioned to respond to current market dynamics, including reduced demand and low oil prices. Our strong balance sheet and our globally competitive cost per barrel, which we are constantly optimising, ensures we can continue to enable sustainable development for the national economy.”

“We will continue to invest responsibly and smartly through the downturn with a firm focus on people, performance, profitability and efficiency. In parallel, we will double down on in-country value creation, as well as identify win-win solutions with partners, contractors and suppliers.”

Last month, Adnoc announced its decision to increase its supply to the market to over 4 million barrels of oil per day in April, as global oil prices drastically dropped.

Reportedly, Adnoc is also speeding up its original plan to produce 5 million barrels of oil per day by 2030.

Previously, Adnoc was supplying around 3 million barrels of oil per day to its suppliers.


Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.