UAE’s ADNOC has approved a budget of 550 billion dirhams ($150 billion) for the next five years, as the company prepares to set up its gas subsidiary and list on the Abu Dhabi Securities Exchange next year.
The official news agency WAM said on Monday that the new gas processing and marketing company will come into effect on January 1, 2023.
“The main company will combine the operations, maintenance, and marketing of ADNOC Gas Processing and ADNOC LNG into one unified entity,” the company said.
“ADNOC will proceed with an initial public offering of a minority stake in the new company on the Abu Dhabi Securities Exchange in 2023, subject to applicable regulatory approvals,” the statement said.
The announcement came as UAE President Sheikh Mohamed bin Zayed chaired the annual meeting of ADNOC’s board of directors in his capacity as chairman.
During the meeting, the Board of Directors also directed ADNOC to pursue the ambition of “Net Zero by 2050” to support the UAE Net Zero Initiative by 2050.
Sheikh Mohammed praised the steps ADNOC has taken to further reduce its carbon footprint as it expands its operations to meet growing global energy demand, according to the WAM report.
In its statement, ADNOC said its board of directors approved the company’s plans to “accelerate the implementation of the target of raising its crude oil production capacity to five million barrels per day by 2027 instead of 2030.”
The statement added that the new target will enhance the company’s resilience and ability to meet the growing global demand for energy.
The UAE’s hydrocarbon reserves increased by two billion barrels of oil and one trillion standard cubic feet of gas in 2022.
“With this increase, the UAE’s national reserves of hydrocarbon resources reach 113 billion barrels of oil and 290 trillion standard cubic feet of natural gas,” ADNOC said.
The statement quoted the company’s president, Sultan Al-Jaber, as saying that “the world needs more energy with fewer emissions and all available solutions to secure energy needs to ensure their security and sustainable supply.”
