![]() The 2022 capital program demonstrates our commitment to disciplined. Approximately 45 of growth capital supports lower-carbon opportunities. The plan includes 992 million for sustaining capital and 916 million for growth capital. “ADNOC’s world record investments in drilling-related equipment underlines our commitment to responsibly unlocking our world-scale hydrocarbon resources and expanding our production capacity to continue providing the world with some of the least carbon-intensive barrels for decades to come,” said ADNOC Managing Director and Group CEO, Sultan Ahmed Al Jaber, who is also UAE Minister of Industry and Advanced Technology. HOUSTON- (BUSINESS WIRE)- Phillips 66 (NYSE: PSX) today announced its 2022 capital program of 1.9 billion. Currently, the crude oil production capacity of the OPEC member is around 4 million bpd. Last month, ADNOC already announced a major investment in the expansion of its oil and gas production capacity as it pledged to invest up to $6 billion in growing drilling activities and capabilities in order to raise its crude oil production capacity to 5 million barrels per day (bpd) by 2030 and become self-sufficient in natural gas. “These additional reserves increase the UAE’s hydrocarbon reserves base to 111 billion STB of oil and 289 TSCF of natural gas, reinforcing the country’s position in global rankings as the holder of the sixth-largest oil reserves and the seventh-largest gas reserves,” ADNOC said.Īround half of the newly added oil reserves are Murban-grade crude, which could boost the long-term liquidity of the Murban Futures Contract launched in March this year, the company added. Alongside the capital spending for the next five years, ADNOC announced today a rise in its national reserves of 4 billion stock tank barrels (STB) of oil and 16 trillion standard cubic feet (TSCF) of natural gas.
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