ABU DHABI, 5th November, 2018 (WAM) -- International economic and oil media outlets highlighted the outcomes of the Supreme Petroleum Council, SPC, which took place yesterday and was led by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Deputy Chairman of the SPC.
These media outlets observed the capacity of the UAE to develop and invest in its oil and gas sector and constantly reinforce its position in global energy markets, as well as the efforts of the Abu Dhabi National Oil Company, ADNOC, to improve its performance and create partnerships, making it the key driver of the national economy’s efforts to achieve sustainable development.
In their reports on the council’s resolutions, they also highlighted ADNOC’s five-year plan, its growing investments and rising oil production capacity, along with the announcement of new oil and gas explorations.
They described ADNOC as a trusted oil and gas company, due to its integrated oil and gas programmes while noting its achievements and its investment in human resources.
The Financial Times stressed that the UAE’s decision to raise daily production capacity to four million barrels by 2020, and to five million barrels daily by 2030, reflects its commitment to maintain the stability of global oil and energy markets.
It added that ADNOC’s strategy aims to raise its capital provisions, through its five-year plan from 2019 to 2023, to AED486 billion, affirming that the UAE’s leadership in continuing to invest in the future of the nation and its children. It also highlighted ADNOC’s results, its ability to create local and foreign partnerships, its ability to foresee the future, and its innovations in the energy sector.
The Financial Times included a quote by Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and CEO of the ADNOC Group, stating that raising oil production will involve maintaining ADNOC’s capabilities and flexibility, in line with reliable international and local growth predictions while pointing out that ADNOC’s strategy is in line with specialist predictions about international consumption that state a limit of 100 million barrels per day, rising to around 10 million barrels by 2040, as well as a 40 percent increase in the demand for natural gas.
The Financial Times also included a quote by Al Jaber on ADNOC’s plans to further utilise gas resources and establish the largest integrated petrochemical refinery in one location in the world in Ruwais, stating that these plans are the outcomes of investment partnerships that stimulate growth, help transfer knowledge, and utilise modern technology and artificial intelligence, AI, to achieve smart growth, raise efficiency, and improve the economic returns from all national resources.
The media coverage also noted the contents of the council’s decisions, and the importance of these decisions to the leadership’s efforts to invest in the youth and train them in the latest technologies while noting that the UAE launched the satellite, KhalifaSat, which was completely manufactured in the country, and explaining the specificities of ADNOC’s Panorama Digital Command Centre, which is part of its smart growth strategy, as well as its role in advancing the Emirati economy and enhancing the country’s stature in the energy sector.
The UAE will host the World Energy Congress 2019, as the first country in the Middle East and the first member country of the Organisation of the Petroleum Exporting Countries, OPEC.