UAE’s Supreme Petroleum Council (SPC) approved ADNOC’s plan to expand its 2030 strategy, which will see the state energy group invest more than 400 billion dirhams in the next five years to diversify hydrocarbon revenues.
The expanded strategy is aimed at future opportunities, unlocked, creating and maximising value and ensuring smart growth in the its upstream and downstream businesses, while strengthening market access, ADNOC said in a statement.
“We aim to unlock and deliver material and commercially viable production from Abu Dhabi’s unconventional resources by 2030, with a focus on gas and gas liquids,” said H.E. Dr Sultan Al Jaber, Minister of State and ADNOC Group CEO.
As part of the strategy, ADNOC will pursue strategic international downstream investments as it expands globally, and explore appraise untapped unconventional gas resources to enable future value creation from tight hydrocarbon resources.
His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Vice-Chairman of the SPC approved ADNOC’s new strategy, reaffirming that ADNOC has the unwavering support of the UAE to ensure the country’s hydrocarbon resources continue to be an integral pillar of UAE’s economy for decades to come.
“In line with the SPC’s directives, over the coming years, we will make strategic, commercially driven and targeted investments, across our entire value chain, aimed at maximising existing resources, while also identifying and developing new, value-enhancing opportunities,” said H.E. Dr Al Jaber added.
“We will continue to strengthen our resilience to the changing energy landscape, while remaining focused on managing our unit cost and driving performance, profitability and efficiency across our business.
ADNOC intends to explore and appraise unconventional resources, in collaboration with value-add, strategic partners, reinforcing the objective to further diversify hydrocarbon assets base and enable value creation through vast untapped resources.
ADNOC recently confirmed plans to offer a minimum 10 percent stake, or 1.25 billion shares, and a maximum 20 percent stake, or 2.5 billion shares, in the partial IPO of ADNOC Distribution, its fuel distribution unit.
The proposed ADNOC Distribution IPO, which will be the first time ADNOC has placed shares of one of its subsidiary companies onto the public markets.