The Abu Dhabi National Oil Company (ADNOC) plans to increase its oil production to 4 million barrels per day (bpd) by the end of 2020 from current estimates of about 3 million bpd and ramp up its export and domestic consumption of natural gas, ADNOC CEO Sultan Ahmed Al Jaber said on Monday
ABU DHABI (Pakistan Point News / Sputnik - 11th November, 2019) The Abu Dhabi National Oil Company (ADNOC) plans to increase its oil production to 4 million barrels per day (bpd) by the end of 2020 from current estimates of about 3 million bpd and ramp up its export and domestic consumption of natural gas, ADNOC CEO Sultan Ahmed Al Jaber said on Monday.
"Here in ADNOC, we are well on track to expand our oil production capacity to 4 million barrels by the end of next year. We are finding new reserves of natural gas, getting closer to gas self-sufficiency and will eventually become a gas net exporter," Al Jaber said at the opening ceremony of a petroleum conference in Abu Dhabi.
The statement comes on the back of swift changes at ADNOC, having recently signed extensive deals with Russian, French and Italian firms to revamp production, exploration and pipeline infrastructure.
As part of the changes, ADNOC announced at the conference that it would overhaul the valuation system of Murban crude grade oil, its main export, changing from retroactive pricing based on supply and demand to a more widely used futures contracts system.
