UAE President chairs ADNOC meeting, Board approves Dh550b capex to speed up energy push

UAE President chairs ADNOC meeting, Board approves Dh550b capex to speed up energy push

Abu Dhabi: UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan presided over the annual meeting of the Abu Dhabi National Oil Company (ADNOC) Board of Directors on Monday in his capacity as its Chairman. During the meeting, the board approved a capital expenditure of Dh550 billion ($150 billion) for 2023-2027, and also directed ADNOC to pursue a Net Zero by 2050 ambition to support the UAE Net Zero by 2050 Strategic Initiative. The board also endorsed plans to bring forward ADNOC’s 5 million barrels per day (mmbpd) oil production capacity expansion to 2027, from the previous target of 2030, as part of the accelerated growth strategy. The board also approved ADNOC’s strategy to accelerate growth across its value chain to responsibly meet rising energy demand and support global energy security. As part of the strategy, ADNOC will establish a new Low Carbon Solutions & International Growth vertical focused on new energies, gas, liquefied natural gas (LNG) and chemicals. Sheikh Mohamed underlined ADNOC’s role as a primary catalyst for the UAE’s growth and diversification and commended the company for maximising value for the nation and creating new economic and industrial opportunities for the private sector. He also praised ADNOC’s