ADNOC to drive more than $43.6bln back into UAE economy from 2021-25

SourceZawya
SectorOil & Gas
CountryUAE

The Supreme Petroleum Council (SPC) in Abu Dhabi has approved ADNOC’s capital expenditure (CAPEX) plan of AED 448 billion ($122 billion) for 2021-2025 to enable smart growth. As part of this plan, the oil giant aims to drive over AED160 billion ($43.6 billion) back into the UAE’s economy between 2021-2025.ADNOC also announced the discovery of substantial recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB), and an increase in conventional oil reserves of 2 billion STB in Abu Dhabi.The announcements were made following the SPC meeting presided over by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces and Vice-Chairman of the SPC.The inflow to the local economy will be enabled by ADNOC’s In-Country Value (ICV) program which is aimed at nurturing new local and international partnerships and business opportunities for the private sector, fostering socio-economic growth and creating job opportunities for Emiratis, a statement from ADNOC said.In addition, the SPC gave approval for ADNOC to award exploration blocks in Abu Dhabi’s second competitive block bid round which was launched in 2019.During the meeting, Sheikh Mohamed bin Zayed reaffirmed...read more...