The Abu Dhabi National Oil Company (Adnoc) plans to invest $13 billion (£10.3bn) in “domestic and international growth opportunities” over the next five years through its gas and LNG arm, Adnoc Gas.
The Emirati state-owned firm made the announcement following its first annual general meeting since its initial public offering last year.
During the meeting, Adnoc Gas shareholders approved plans for a full-year 2023 dividend of $3.25 billion. The company recorded revenues of $22.7 billion and a net income of $4.7 billion over the year.
Adnoc Gas chairman Ahmed Al Jaber said the company is progressing “several significant projects” that will accelerate its future growth.
“Between 2024 and 2029, we plan to invest over $13 billion in domestic and international growth opportunities, with our predictable margin business expected to increase our EBITDA by up to 40% by 2029,” Mr Al Jaber said.
“In addition, we are looking to increase our LNG export volumes in a growing global market.
© Supplied by Storegga“Our aim is to acquire the new Ruwais LNG plant and more than double our LNG production capacity by 2028.”
Adnoc Gas chief executive officer Ahmed Alebri said the company’s financial performance underpins its confidence to expand its global footprint and explore new revenue streams.
“We aim to expand internationally by acquiring new positions in the gas value chain, targeting opportunities in Europe, India, China and South-East Asia if they add value to our business,” Mr Alebri said.
Earlier this year, Adnoc acquired a 10% stake in UK carbon capture firm Storegga, one of the joint venture partners behind the Acorn CCS project centred on the St Fergus gas terminal in Aberdeenshire.
Adnoc Gas innovation investment
In addition, Adnoc Gas said it plans to invest in decarbonisation, digital transformation and artificial intelligence (AI) led innovation.
Throughout 2023, the company said it deployed machine learning, computer vision, and hybrid modelling, aimed at enhancing cost efficiency and employee safety.
This included a “proof of concept” pilot using advanced robotics for continuous monitoring and inspection of large facilities, which Adnoc Gas said resulted in improved equipment availability and enhanced employee safety.
In total, Adnoc said these technological innovations significantly boosted its plant availability and output gains, resulting in the creation of up to $1 billion in value since 2016.
Adnoc plans to further leverage AI and other new technologies for improved cost efficiencies and reliability, saving up to $400 million annually over the next five years.
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