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Abu Dhabi to boost oil output capacity to 4 mil b/d by end-2020, 5 mil b/d by 2030

Tokyo — Abu Dhabi intends to boost its oil production capacity to 4 million b/d by the end of 2020 and to 5 million b/d by 2030 under plans approved Sunday by the Supreme Petroleum Council, which also announced new discoveries totaling 1 billion barrels of oil, Abu Dhabi National Oil Company said.

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The SPC, Abu Dhabi's highest hydrocarbon policy-making body, also approved the emirate's unprecedented gas strategy, enabling the UAE to achieve gas self-sufficiency, with the potential to be a net gas exporter, ADNOC said in a statement Sunday. At its meeting, SPC also announced new discoveries totaling 15 Tcf of gas.

The announcement of Abu Dhabi's discovery of significant oil reserves follows the emirate's "historic decision" earlier this year to open six geographical oil and gas blocks for competitive bidding, ADNOC said.

The first exploration and production licenses are expected to be awarded in the first quarter of 2019, ADNOC said. It added that existing data from detailed petroleum system studies, seismic surveys, log files and core samples from hundreds of appraisal well estimates suggest "these new blocks hold multiple billion barrels of oil and multiple trillion cubic feet of natural gas."

Abu Dhabi's gas strategy will sustain LNG production to 2040, and allow ADNOC to seize incremental LNG and gas-to-chemicals growth opportunities, where they arise, ADNOC said.

"The integrated gas strategy is the first time in ADNOC's history it has been in a position to commercially and holistically unlock its abundant new gas resources," ADNOC said.

Under the new gas strategy, ADNOC said it will develop the Hail, Ghasha and Dalma project that taps into Abu Dhabi's Arab formation, which is estimated to hold multiple trillions of cubic feet of recoverable gas. The project is expected to produce more than 1.5 Bcf/day of gas, it said.

ADNOC added it will also unlock other sources of gas, which include Abu Dhabi's gas caps and unconventional gas reserves, as well as new natural gas accumulations, which will continue to be appraised and developed as it pursues exploration activities.

-- Takeo Kumagai, takeo.kumagai@spglobal.com

-- Edited by Geetha Narayanasamy, newsdesk@spglobal.com