UAE's ADNOC to Invest $127B in 2022-26 as Oil, Gas Reserves Rise

Wednesday, December 1, 2021

Abu Dhabi National Oil Company (ADNOC) announced on Wednesday a $127 billion capital spending plan for 2022-2026, as it reported an increase in the United Arab Emirates' (UAE) oil and natural gas reserves.

The state-owned company said national reserves had risen by 4 billion stock tank barrels (stb) of oil and 16 trillion standard cubic feet (scf) of natural gas, taking the totals to 111 billion stb and 289 trillion scf respectively.

ADNOC said that reinforced the UAE's position as number six in the world for oil reserves and number seven for gas reserves.

Abu Dhabi Crown Prince Sheikh Moahmmed bin Zayed chaired the company's annual board meeting, which approved capital spending of 466 billion dirhams ($127 billion) for 2022-2026, up from $122 billion for 2021-25.

The investment will expand upstream production capacity, the company's downstream portfolio, plus low carbon and clean energy businesses, it said, without giving details.

ADNOC said that since the launch of its so-called in-country value programme in 2018, it had driven 105 billion dirhams back into the UAE economy and created over 3,000 jobs in the private sector, including over 1,000 this year.

It aims to drive over 160 billion dirhams back into the UAE economy across 2022-2026 through the same programme, it added.

The ADNOC board also approved a "New Energies Strategy" aimed at reducing its carbon footprint and capitalising on opportunities in renewable energy, hydrogen and other lower carbon fuels.

Separately, the government announced a global clean energy powerhouse intended to spearhead the drive to net-zero carbon by 2050. Consolidating their combined efforts in renewable energy and green hydrogen, Abu Dhabi National Energy Company PJSC (TAQA), Mubadala Investment Co and ADNOC will partner under the Abu Dhabi Future Energy Company (Masdar) brand.

The partnership will have a combined current, committed, and exclusive capacity of over 23 gigawatts (GW) of renewable energy, with the expectation of reaching well over 50 GW total capacity by 2030, TAQA said in a separate statement.

TAQA will take the leading role with a 43% shareholding in Masdar's renewable energy business, with Mubadala holding 33% and ADNOC 24%.

Meanwhile, ADNOC will take the leading role with a 43% shareholding in Masdar's green hydrogen business, with Mubadala holding 33% and TAQA 24%, it said.

 (Reporting by Lilian Wagdy and Enas Alashray Additional reporting by Saeed Azhar Editing by Louise Heavens and Mark Potter)

Categories: Energy Middle East Industry News Activity Production

Related Stories

Production Restart at Australian Offshore Fields Boosts Jadestone's Oil Output

Aramco Targets Hormuz Bypass with East-West Pipeline Expansion

Shell to Exit Australia's North West Shelf Project in $1.45B Deal with XRG

PTTEP, Eni Launch Joint Venture for ADNOC-Operated Ghasha Offshore Project

Masirah Oil Starts Yumna Offshore Drilling Ops After Months of Delays

Iran Weighs US Response as Hormuz Reopening Talks Stall

Oil Climbs on US Storm Threat, Saudi Attack Risks

KBR to Support Aramco’s Marjan Offshore Field Upgrade

LNG Flows Through Hormuz Hit Seven-Month High

Qatar-Linked LNG Tankers Resume Hormuz Transits

Current News

Singapore Seeks LNG Floating Storage Operators to Expand Bunkering Ops

CNOOC Makes Ultra-Deep Gas Discovery in China's Bohai Sea

First Oil Flows from Vietsovpetro's Platform Offshore Vietnam

Iran Brings South Pars Gas Platform Fire Under Control

Oil Prices Slide as Trump Signals Pause in Iran Strikes

Murphy Oil Secures Six Offshore Israel Licenses Near Leviathan Gas Field

VAALCO Advances Côte d'Ivoire Offshore Exploration Ahead of 2028 Drilling

Aramco’s Building in Riyadh Damaged by Houthi Attack

ADES Lands $117M ONGC Drilling Contracts for Two Jack-Ups

Velesto’s Jack-Up Rig Up for Drilling Job with Petronas

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com