Abu Dhabi targets self-sufficiency in natural gas and expansion of oil-production capacity to 5 million b/d by 2030 under an expanded budget approved Nov. 4 by the Supreme Petroleum Council (SPC).
Announcing capital investment growth of $132.33 billion during 2019-23, the SPC reported recent indicated discoveries of 1 tcf of natural gas in place and 1 billion bbl of oil in place.
The emirate is raising oil-production capacity this year to 3.5 million b/d and in its new budget sets an interim target of 4 million b/d by 2020.
Its gas strategy, according to a news release from Abu Dhabi National Oil Corp., “will sustain LNG production to 2040 and allow ADNOC to seize incremental LNG and gas-to-chemicals growth opportunities where they arise.”
The country now produces about 3 million b/d of oil and more than 9.8 bcfd of raw gas.
ADNOC said development of offshore Hail, Ghasha, and Dalma sour gas fields will add production of more than 1.5 bcfd of gas (OGJ Online, Jan. 12, 2018).
“ADNOC will also unlock other sources of gas, which include Abu Dhabi’s gas caps and unconventional gas reserves, as well as new natural gas accumulations,” it said.
Its new “integrated gas strategy,” ADNOC said, aims at “potentially transitioning [the emirate] to a net gas exporter.”
Abu Dhabi has been a net gas importer since 2008.
Last year’s 5-year budget for ADNOC was about $100 billion (OGJ Online, Nov. 28, 2017).
