This year UAE will be investing in the Abu Dhabi Oil company which is also known as ADNOC. The ADNOC is the state owned oil company based in the UAE. ADNOC holds the seventh largest reserve of oil in the world, which is almost 97.8 barrels, according to the Oil and Gas Journal. This was back in January 2015. Most of these reserves are located in the Abu Dhabi. So this year UAE has decided to grow up the oil production and increase it reserves to make the oil company self-sufficient. For this purposes UAE will be investing 486 billion Dh, this will also make the oil company a net gas exporter in upcoming years. Not to forget that PlugnPoint is the biggest market place in UAE where you can buy all the top quality products at best prices and also avail amazing discounts.
By the year 2020, ADNOC will increase its oil production level and rise them up to four million barrels in one day. Further on if things go according to the plan the oil production will be five million in next 10 years. This announcement came on the day before US and Iran’s agreements on the oil sales. This agreement between the two was very vital. Due to this agreement Tehran were to be forced in negotiating its nuclear energy and ballistic missile programs.
The Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan, Deputy Supreme Commander of the UAE Armed Forces, and the Vice-Chairman of the Supreme Petroleum Council were leading the meeting and they all approved of this plan. According to the council there are new discoveries of the gas which is summed up to 15 trillion cubic feet of gas. Later on they announced ADNOC’s new business plan and the capital investment of Dh486 for the growth of business. This investment will increase the job opportunities and also create new ones. The investment in ADNOC and this business will be done from the year 2019 to 2023.
The support of His Highness, Sheikh Khalifa bin Zayed Al Nahyan is confirmed by the Sheikh Muhammad again! The support and investment made is to make ADNOC stand on its feet and strong enough that they do not need the help of anyone else. Making it more commercial organization thus making its long term goal more likely to be achieved. All this hustle and bustle is to make UAE’s economic ambitions achievable. Another thing that Sheikh Khalifa bin Zayed Al Nahyan wished, was that ADNOC should be recognized by the SPC. Strong economic and operational performance, creative and strategic partnerships, driving value in business, and last but not the least commitment in making the county’s value as much as possible, these are some of the things that ADNOC is supposed to be recognized for.
The current annual turnover of ADNOC is near three million barrels in a single day. After the new business plan and investments it is expected to increase up to 3.4 million barrels in the same year. Hopefully that will increase to 4 million and then to 5 million in the years 2020 and 2030 respectively. Last year in May ADNOC had plans in investing in its business in order to increase the production of petrochemicals. The plans were to increase the production and increase it to 14.4 million Tons per year until 2025.
Incremental growth in oil manufacture will help us to allow in making ADNOC a trustworthy and unfailing supplier of energy. Then it will have the strength and ability to make the most of the predicted growth in demand for oil, said Sultan bin Ahmad Sultan Al Jaber, the CEO of ADNOC Group, and UAE Minister of State. In the meanwhile the investments they will be making in development of new a reservoirs and the renewing the underdeveloped reservoirs. This strategy will ensure that we, in coming years, will fully meet the requirements and rising needs of UAE oil consumption. As the number of individuals increases in UAE they will need to shop. So, you can shop everything in affordable rates and shop according to your favorite brands.
The chief economist at Abu Dhabi Commercial Bank, Monica Malik, said greater investment is to increase output and capacity to meet the needs, is very positive for the UAE to help meet rising demand, including domestic. These years oil production is very important and a key priority to us. Increase in our own oil production will help us to get rid of the dependence that we are currently importing oil. Once the production process starts, which is from the year 2020, then the things would be depending on the OPED production quotas, said Manoj the head of private wealth. Further Krishnan added that I sincerely doubt that ADNOC will have the needed allowance. However this is possible if the demand in next one year rises up.
The oil consumption of world is increasing and in the year 2040 we will be needing 10 million barrels per day of oil than we have right now. The global economy is very close on consuming a 100 million barrels per day of crude oil. In the meanwhile on the other hand there will be rise in demand and consumption of gas too. This will rise up to 40 percent. Also, the requirements of petrochemicals will also increase by 60 percent and in the market high value polymers will be more in demand. According to the new business plans and the new approach will be to make the Hail, Dalma, and Ghasha reservoirs just like ADNOC. This will allow these projects to tap into the Abu Dhabi formation and then they could hold up multi trillion cubic feet of gas. This arrangement is estimated to produce and provide at least 1.5 billion cubic feet of gas in a single day.