ADNOC launches low-carbon investment company

Abu Dhabi’s national oil company ADNOC has launched XRG, a lower-carbon energy and chemicals investment company to accelerate ADNOC’s international growth and drive greater value.

XRG will initally focus on investments that meet the growing global demand for natural gas, chemicals and low carbon energies.

ADNOC’s board endorsed a target to drive US$54.5 billion into the UAE economy over the next five years through its In-Country Value (ICV) program, building on US$15 billion delivered this year.

The board reviewed ADNOC’s gas growth strategy and commended the company’s progress in harnessing the UAE’s gas resources to meet growing global gas demand. Through the lower-carbon Ruwais LNG project, ADNOC said it is more than doubling its existing UAE liquefied natural gas (LNG) production capacity to around 15 million tonnes per annum (mtpa) while building an integrated global gas business with strategic investments in Egypt, Mozambique, Azerbaijan, and the U.S.

The board was updated on ADNOC’s artificial intelligence and digital technology (AIDT) strategy as it aims to become the world’s most AI-enabled energy company. The board praised ADNOC for its industry leadership in leveraging digitalization, advanced technologies, and artificial intelligence (AI) to enhance efficiencies and future-proof its business.