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ADNOC on track to boost oil production to 4 million bpd

ADNOC on track to boost oil production to 4 million bpd

Abu Dhabi, January 14 - Neftegaz.RU. UAE’s oil and gas company ADNOC is on track to increase its crude oil production capacity to 4 million barrels per day by the end of this year, Ahmed Al Jaber, CEO of ADNOC announced.

Al Jaber highlighted the impact of these global economic trends on energy demand and outlined the UAE and ADNOC’s response to the fast-evolving energy landscape.

“This economic outlook means both the short and long-term demand for energy remains robust. Over the next 2 decades, we will see growth of at least 25 % in energy demand. This is a rate of increase that no single source can satisfy and presents the key challenge of how to produce more energy with fewer emissions.

“Here in the UAE, we see this challenge as an opportunity and a natural extension of our existing energy leadership. In the last 10 years, we have grown our solar capacity 400 % and invested in renewable energy projects approaching 12 gigawatts here in the UAE and across 25 countries around the world.

“We are also adding clean nuclear power to our domestic portfolio. Working closely with the International Atomic Energy Agency, this year, the UAE will be the 1st country in the region to operate a safe commercial, peaceful nuclear power station,” Al Jaber said.

He emphasized that as the UAE drives clean sources of energy, it is also responsibly growing its hydrocarbon resources to ensure reliable flows of energy to global markets.

Al Jaber concluded by highlighting that this year, as the UAE sets on a path “toward the next 50 years” and prepares for a future that will require more energy with less environmental impact, it will be crucial to bring all stakeholders to the table, from investors and industry to civil society and academia, to work on practical solutions, forge true partnerships and identify investment opportunities.