Adnoc is bullish on the long-term outlook for its core oil and gas offerings, as it invests in expanding crude oil production to 5mn b/d by 2027 and sustaining it there for the foreseeable future. “LNG will grow by 50 percent…oil [demand] will stay above 100 million barrels per day beyond 2040,” CEO Sultan al-Jaber told Abu Dhabi’s flagship Adipec conference on 3 November.
Crude oil capacity currently stands at 4.85mn b/d, although associated gas processing capacity is lagging, limiting Adnoc’s ability to fully tap into its wellhead capacity without resorting to flaring. The Adnoc Gas subsidiary is charged with expanding processing capacity and this year awarded $5bn of EPC contracts for the first phase of the Rich Gas Development (RGC) which aims to add 1.5bn cfd of processing capacity at four sites in 2027 (MEES, 13 June). (CONTINUED - 731 WORDS)
