Abu Dhabi plans to spend $122bn on oil over next five years

Abu Dhabi plans to spend $122bn on oil over next five years

Sunday, November 22, 2020

Abu Dhabi will invest 448 billion dirhams ($122 billion) in oil and natural gas over the next five years as it seeks to raise production capacity.

The Gulf emirate's top body for energy policy, the Supreme Petroleum Council (SPC), approved the budget for Abu Dhabi National Oil Co., state-run news agency WAM reported on Sunday.

Abu Dhabi plans to raise daily oil-production capacity to five million barrels by 2030 from about four million barrels.

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