The United Arab Emirates said national reserves had risen by 4 billion stock tank barrels (stb) of oil and 16 trillion standard cubic feet (scf) of natural gas, taking the totals to 111 billion stb and 289 trillion scf, respectively.
Abu Dhabi National Oil Company (ADNOC) said Wednesday this has reinforced the UAE's position as number six in the world for oil reserves and number seven for gas reserves.
The announcement came during the state-owned company’s annual board meeting, which was chaired by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, who approved capital spending of 466 billion dirhams ($127 billion) for 2022-2026, up from $122 billion for 2021-25.
The investment will expand upstream production capacity, the company’s downstream portfolio, plus low carbon and clean energy businesses.
Sheikh Mohammed pointed to the country’s attempts to develop the energy sector to meet its aspirations for growth and development and achieve sustainable development in the future.
He underscored the importance of the initiative and steps taken by ADNOC to ensure keeping pace with the transformation in the energy sector and moving on with its achievements to create more opportunities for growth and development, increase the added value and take into account the innovation and modern technology.
The UAE is moving forward with its approach that focuses on the optimal exploitation of its carbon resources through responsible production of oil and gas to drive development and growth and contribute to achieving global energy security, while working to reduce carbon emissions, he explained.
ADNOC said that since the launch of its so-called in-country value program in 2018, it had driven 105 billion dirhams back into the UAE economy and created over 3,000 jobs in the private sector, including over 1,000 this year.
It aims to drive over 160 billion dirhams ($43.6 billion) back into the UAE economy across 2022-2026 through the same program, it added.
The ADNOC board also approved a “New Energies Strategy” aimed at reducing its carbon footprint and capitalizing on opportunities in renewable energy, hydrogen and other lower carbon fuels.
It further endorsed ADNOC’s plans to evaluate doubling Liquefied natural gas (LNG) production capacity from 6 to 12 million tons per year.
Sheikh Mohammed also launched a strategic partnership between Abu Dhabi National Energy Company PJSC (TAQA), Mubadala Investment Company (Mubadala) and ADNOC Group to enhance the UAE’s efforts in the energy transition field and meet the UAE Net Zero Strategic Initiative by 2050.
As per the agreement, TAQA will play the leading role with a 43 percent shareholding in Masdar’s renewable energy business, with Mubadala retaining 33 percent and ADNOC having 24 percent.
Meanwhile, ADNOC will play the leading role with a 43 percent shareholding in Masdar’s green hydrogen business, with Mubadala having 33 percent and TAQA 24 percent, respectively.