CAIRO: Abu Dhabi Nationwide Oil Firm (ADNOC) introduced on Wednesday a $127 billion capital spending plan for 2022-2026, because it reported a rise within the United Arab Emirates’ (UAE) oil and pure gasoline reserves.
The state-owned firm stated nationwide reserves had risen by 4 billion inventory tank barrels (stb) of oil and 16 trillion commonplace cubic toes (scf) of pure gasoline, taking the totals to 111 billion stb and 289 trillion scf respectively.
ADNOC stated that strengthened the UAE’s place as quantity six on this planet for oil reserves and quantity seven for gasoline reserves.
Abu Dhabi Crown Prince Sheikh Moahmmed bin Zayed chaired the corporate’s annual board assembly, which permitted capital spending of 466 billion dirhams ($127 billion) for 2022-2026, up from $122 billion for 2021-25.
The funding will develop upstream manufacturing capability, the corporate’s downstream portfolio, plus low carbon and clear vitality companies, it stated, with out giving particulars.
ADNOC stated that because the launch of its so-called in-country worth programme in 2018, it had pushed 105 billion dirhams again into the UAE financial system and created over 3,000 jobs within the non-public sector, together with over 1,000 this yr.
It goals to drive over 160 billion dirhams again into the UAE financial system throughout 2022-2026 via the identical programme, it added.
The ADNOC board additionally permitted a “New Energies Technique” geared toward decreasing its carbon footprint and capitalising on alternatives in renewable vitality, hydrogen and different decrease carbon fuels.
Individually, the federal government introduced a world clear vitality powerhouse supposed to spearhead the drive to net-zero carbon by 2050. Consolidating their mixed efforts in renewable vitality and inexperienced hydrogen, Abu Dhabi Nationwide Power Firm PJSC (TAQA), Mubadala Funding Co and ADNOC will companion underneath the Abu Dhabi Future Power Firm (Masdar) model.
The partnership can have a mixed present, dedicated, and unique capability of over 23 gigawatts (GW) of renewable vitality, with the expectation of reaching effectively over 50 GW whole capability by 2030, TAQA stated in a separate assertion.
TAQA will take the main position with a 43% shareholding in Masdar’s renewable vitality enterprise, with Mubadala holding 33% and ADNOC 24%.
In the meantime, ADNOC will take the main position with a 43% shareholding in Masdar’s inexperienced hydrogen enterprise, with Mubadala holding 33% and TAQA 24%, it stated.
The state-owned firm stated nationwide reserves had risen by 4 billion inventory tank barrels (stb) of oil and 16 trillion commonplace cubic toes (scf) of pure gasoline, taking the totals to 111 billion stb and 289 trillion scf respectively.
ADNOC stated that strengthened the UAE’s place as quantity six on this planet for oil reserves and quantity seven for gasoline reserves.
Abu Dhabi Crown Prince Sheikh Moahmmed bin Zayed chaired the corporate’s annual board assembly, which permitted capital spending of 466 billion dirhams ($127 billion) for 2022-2026, up from $122 billion for 2021-25.
The funding will develop upstream manufacturing capability, the corporate’s downstream portfolio, plus low carbon and clear vitality companies, it stated, with out giving particulars.
ADNOC stated that because the launch of its so-called in-country worth programme in 2018, it had pushed 105 billion dirhams again into the UAE financial system and created over 3,000 jobs within the non-public sector, together with over 1,000 this yr.
It goals to drive over 160 billion dirhams again into the UAE financial system throughout 2022-2026 via the identical programme, it added.
The ADNOC board additionally permitted a “New Energies Technique” geared toward decreasing its carbon footprint and capitalising on alternatives in renewable vitality, hydrogen and different decrease carbon fuels.
Individually, the federal government introduced a world clear vitality powerhouse supposed to spearhead the drive to net-zero carbon by 2050. Consolidating their mixed efforts in renewable vitality and inexperienced hydrogen, Abu Dhabi Nationwide Power Firm PJSC (TAQA), Mubadala Funding Co and ADNOC will companion underneath the Abu Dhabi Future Power Firm (Masdar) model.
The partnership can have a mixed present, dedicated, and unique capability of over 23 gigawatts (GW) of renewable vitality, with the expectation of reaching effectively over 50 GW whole capability by 2030, TAQA stated in a separate assertion.
TAQA will take the main position with a 43% shareholding in Masdar’s renewable vitality enterprise, with Mubadala holding 33% and ADNOC 24%.
In the meantime, ADNOC will take the main position with a 43% shareholding in Masdar’s inexperienced hydrogen enterprise, with Mubadala holding 33% and TAQA 24%, it stated.
Supply: Times of India