Abu Dhabi Crown Prince, Sheikh Mohammed bin Zayed, said that a strategy for the next five years had been approved for the updated ADNOC Company and an action plan with investments of 466 billion dirhams ($127 billion).< /p>

According to Arabiya Net, he added in a tweet on his official Twitter account, today, Wednesday, that the plan includes redirecting 160 billion dirhams (43.6 billion dollars) to the local economy, and adding new reserves of oil and gas.

The Crown Prince continued: We are moving forward with confidence, through ADNOC and other national companies, to achieve sustainable economic growth, ensure the UAE's leadership in the energy sector, and use innovation and technology to advance our goals in the field of clean and renewable energy and reduce carbon emissions.

He stressed ADNOC's important role in anticipating the future and stimulating growth and economic diversification in the country, noting the achievements it has achieved within the framework of its strategy based on strengthening its partnerships in the field of clean, renewable energy and hydrogen.

In a related context, the ADNOC Board of Directors announced an increase in the UAE's reserves, including 4 billion barrels of oil and 16 trillion cubic feet of natural gas.

The UAE's national reserves of hydrocarbon resources rise to 111 billion barrels of oil equivalent, and 289 trillion standard cubic feet of natural gas, which enhances the country's position in the sixth place globally in the list of countries with the highest oil reserves and seventh in the list of countries with the largest gas reserves. natural.

The company stated that it had adopted plans aimed at doubling its production capacity of liquefied natural gas from 6 to 12 million tons annually.

The ADNOC In-Country Value Program has achieved continuous success by redirecting 105 billion dirhams ($28.6 billion) to the local economy and providing more than 3,000 jobs for skilled and qualified citizens in the private sector, including more than 1,000 jobs this year, since its launch. 2018.

The increase in national reserves comes as a result of ADNOC's continuous assessments that are supported by the use of best technologies and practices in the field of reservoir management across its onshore and offshore business portfolio.

ADNOC's implementation of ambitious development plans also contributed to achieving its goal of raising its production capacity to 5 million barrels per day by 2030 and increasing reserves significantly.

Murban crude represents nearly half of the country's recently added national reserves of oil and gas, estimated at about 4 billion barrels, ensuring the continuation of the successes achieved by the Murban crude futures contracts since they began trading on the Abu Dhabi Stock Exchange in March 2021 due to the popularity and attractiveness of this low-carbon crude.