Adnoc to Speed Spending Post-OPEC with $55 Billion in Awards
(Bloomberg) -- The United Arab Emirates’ flagship oil company Adnoc announced plans to accelerate a growth plan with 200 billion dirham ($55 billion) in project awards spanning upstream and downstream operations, following the country’s exit from OPEC on May 1.
The $55 billion outlay, part of $150 billion the company had earmarked in capital expenditure through 2030, is planned for the period 2026 to 2028 and will help Adnoc meet rising global energy demand, the government-owned company said in a statement on Sunday.
The announcement coincided with a meeting of OPEC+ nations to decide on June production quota levels. Major members agreed via video conference to a modest and symbolic increase, delegates said, as the group sends a business-as-usual message following the UAE’s surprise exit.
“Adnoc is entering a defining execution phase in its strategy, driven by scale, pace and a laser-focus on delivery,” UAE Minister of Industry and Advanced Technology and Adnoc Chief Executive Officer Sultan Al Jaber said in the statement.
The UAE announced its departure from the oil cartel as of this month, saying the shortages caused by the Iran war will require agility to respond to market demands without being constrained by the collective decision-making process of the wider group.
The UAE’s OPEC departure deals a significant blow to the group, and comes after years of tension with its leader Saudi Arabia.
(Updates with broader spending plan, OPEC+ move from second paragraph)
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