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Abu Dhabi will invest $132 billion 300 million in the next five years to promote oil and gas upstream and downstream industries
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Abu Dhabi will invest $132 billion 300 million in the next five years to promote oil and gas upstream and downstream industries.

On November 4, 2018, the Supreme Petroleum Council (SPC) of Abu Dhabi held a meeting under the chairmanship of Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. At the meeting, SPC approved ADNOC's five-year business plan, allowing it to spend $132.33 billion on capital from 2019 to 2023. The expenditure plan will promote its oil production target of 4 million barrels per day (b/d) by the end of 2020 and 5 million barrels per day by the end of 2030, as well as the new strategy of self-sufficiency in natural gas. In addition, the Commission announced new discoveries of 1 billion barrels of oil and 15 trillion standard cubic feet of natural gas. Supported by the new discoveries, Adnoc's new natural gas strategy is to achieve self-sufficiency in the United Arab Emirates and hopes to turn the country into a net exporter of natural gas.

The first comprehensive natural gas strategy approved by SPC at the meeting will keep the production of liquefied natural gas (LNG) until 2040, and make good use of the opportunities brought by the change of natural gas supply and demand and the adjustment of energy structure in the United Arab Emirates, so as to increase the value of LNG and increase the utilization of natural gas in the chemical industry and realize the self-reliance of natural gas in the United Arab Emirates. To self - sufficiency. Faced with the challenge of high acidity of natural gas resources, the reform of natural gas pricing in 2016, the continuous introduction of advanced technology and the leading experience in acid gas development have enabled ADNOC to make good use of more natural gas resources and realize value-added. ADNOC will develop projects for Hail, Ghasha and Dalma, which are expected to have trillions of cubic feet of recoverable natural gas, with an estimated daily production capacity of more than 1.5 billion cubic feet. ADNOC will also develop gas cap, unconventional gas reservoirs and new conventional gas reservoirs.