ADNOC to invest US $127 billion over 5 years

Abu Dhabi National Oil Company (ADNOC) said that they will invest US $127 billion capital between 2022-2026, to enable the company to expand its upstream production capacity and downstream portfolio as well as its low carbon fuels business and clean energy ambitions.

The state owned company said that they will drive US $43.6 billion back into the UAE economy across 2022-2026 through its In-Country Value (ICV) p program. 

The company said that its national reserves have risen by 4 billion stock tank barrels (STB) of oil and 16 trillion standard cubic feet (TSCF) of natural gas which makes its hydrocarbon reserves base rise to 111 billion STB of oil and 289 TSCF of natural gas.

The increase in oil and gas national reserve is due to the  company’s development plans towards achieving a 5 million barrels per day (mmbpd) production capacity target by 2030.

The company said that in Downstream and Industry, the board endorsed ADNOC’s plans to evaluate doubling its liquefied natural gas (LNG) production capacity from 6 to 12 million tons per annum (MMTPA).