ABU DHABI, Jan. 17 (Xinhua) -- Abu Dhabi National Oil Company (ADNOC) announced on Wednesday its plans to expand the use of carbon capture and storage technology to meet a six-fold increase in the utilization of carbon dioxide over the next 10 years.

ADNOC made the announcement in a statement at the ongoing 11th World Future Energy Summit.

The company has so far stored approximately 240,000 metric tons of carbon dioxide, collected from Emirates Steel Industries, by injecting it into its reservoirs at Rumaitha and Bab oil fields to bolster oil recovery.

The UAE capital Abu Dhabi is home of approximately 7 percent of the world's known oil reserves, and 90 percent of Emirati oil is located under the sands and Gulf waters of the capital.

ADNOC aims to achieve up to 70 percent ultimate oil recovery rate from its reservoirs, which is twice as much as the global average.

"As we push forward plans to create value by maximizing oil recovery over the life time of our fields, we will increasingly utilize a range of enhanced oil recovery technologies, of which carbon capture, use and storage is not only good for the environment but also makes sound business sense," said Abdulmunim Saif Al-Kindy, director of ADNOC's Upstream Directorate.

The International Energy Agency (EIA) believes carbon capture and storage technologies have a key role to play in realizing a sustainable, climate-friendly future energy scenario and are expected to account for about one sixth of required emissions reductions by 2050.