UAE’s ADNOC to invest $127 bln in 2022-26 as oil, gas reserves rise

UAE’s ADNOC to invest $127 bln in 2022-26 as oil, gas reserves rise

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.

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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