UAE – Mubasher: Abu Dhabi National Oil Company (ADNOC Group) is on track to boost its oil production capacity to 4 million barrels per day (bpd) by 2020 and to 5 million bpd by 2030, the group’s CEO and UAE minister of state Sultan Ahmed Al Jaber said on Monday.
On the sidelines of the 24th World Energy Congress held in Abu Dhabi, Al Jaber remarked that investments of $11 trillion in oil and gas are needed to keep the pace with the robust long-term global energy demand, Reuters reported.
In the short term, turbulent global economies and market volatility are affecting the energy demand, he added.
He further noted that ADNOC Group unveiling a huge number of natural gas reserves by “tapping into gas caps, undeveloped reservoirs, and unconventional resources,” according to Reuters.
Moreover, the CEO said that the group launched the first commercial scale carbon capture utilisation and storage facility in the region in 2016 and seeks to expand the programme over the next decade.
It is worth noting that the UAE, the third-largest oil producer in the OPEC, produces around 3 million barrels per day.
The 24th World Energy Congress is being held in the UAE’s capital from 9 September to 12 September with the participation of 300 global companies.
