Abu Dhabi National Oil Company (ADNOC) plans to save $1 billion (AED3.67 billion) by initiating energy-efficiency measures by 2020.

The state oil company said it will implement a host of measures to increase energy efficiency by 10 percent in the next three year which will reduce its gas consumption by 156 million cubic feet a day, news agency WAM reported.

The company has implemented energy efficiency initiatives that have already cut CO2 emissions by 3.1 million tonnes, equivalent of 658,800 car rides a year, compared to 2014, with plans to further reduce emissions over the next three years by undertaking new operational efficiency measures.

Speaking at the World Future Energy Summit in Abu Dhabi, Omar Al Suwaidi, director of gas management, Adnoc Group said the company’s commitment to energy efficiency has brought significant tangible results.

“Operational efficiencies will drive further cost savings and enable us to create maximum value from our gas resources,” he said.

ADNOC is the first major oil and gas company to be awarded ISO 50001 at a corporate level and for its operating companies, WAM said.