Abu Dhabi National Oil Company is on track to reach 4 million barrels per day of production capacity this year, even as it pursues self-sufficiency in gas, the company's chief executive said.
"At Adnoc we are well on track to increase crude oil production capacity to 4 million bpd by the end of this year and we made significant new discoveries last year that moved the UAE from the seventh to the sixth-largest in oil and gas reserves in the world," Dr Sultan Al Jaber, Adnoc group chief executive and UAE minister of state told delegates at the Atlantic Council Global Energy Forum in Abu Dhabi.
"We're also on a path to achieve gas self-sufficiency and to ultimately become a net exporter," he added.
The UAE accounts for about 4 per cent of global oil production, with much of the output from fields owned and managed by Adnoc. Last November, Adnoc announced the discovery of additional reserves of 7 billion "stock tank" barrels of oil, 58 trillion cubic feet of conventional gas and 160 trillion cubic feet of unconventional gas. This pushed the UAE up the rankings in terms of hydrocarbon reserves, according to US Energy Information Administration data.
Dr Al Jaber also stressed that geopolitical tensions that escalated following the assassination of Iran's top military commander in Baghdad have "dissipated".
The death of Qassem Suleimani, the head of Iran's elite Quds Force within the ranks of Islamic Revolutionary Guard Corps, prompted Tehran to launch missile strikes against American targets. Iraq, Opec's second-largest producer, also called for the withdrawal of US troops from the country. The US has since ruled out the exit of its forces from Iraq and imposed fresh sanctions against Iran.
"The geopolitical tensions have dissipated over the past few days and that wisdom appears to be prevailing," said Dr Al Jaber.
"While we continue to live with some uncertainties, the global economy in 2020 appears to be in better shape than last year, with trade tensions easing, manufacturing showing signs of renewed growth, global consumer spending [improving] .... we can look forward with cautious optimism," he added.
Adnoc will list its flagship crude grade Murban on an exchange this year in a historic step-change in the way the UAE prices its oil.
The UAE national oil company will also expand the use of carbon dioxide in enhanced oil recovery by 500 per cent, said Dr Al Jaber, as it looks to reduce the carbon intensity of its business.
Currently, 800,000 tonnes of CO2 sourced from industrial facilities in Abu Dhabi's Musaffah area are injected to stimulate production from mature oil fields.