UAE’s ADNOC plans global energy push with $150 billion spend

  • Date: 29-Nov-2022
  • Source: Al Arabiya
  • Sector:Oil & Gas
  • Country:UAE
  • Who else needs to know?

UAE’s ADNOC plans global energy push with $150 billion spend

The Abu Dhabi National Oil Co (ADNOC) will boost investment to $150 billion over the next five years, speed up an increase in oil-production capacity and list some of its natural gas business.

The United Arab Emirates’ main energy company also said it would expand its international gas, chemicals and clean-energy operations.

The moves are part of a push by the company and the UAE to raise output of hydrocarbons while at the same time neutralizing planet-warming emissions by 2050.

The decisions were made at an annual board meeting on Monday led by the UAE President Sheikh Mohammed bin Zayed A Nahyan.

The OPEC member has, along with neighboring Saudi Arabia, criticized Western governments and investors for trying to transition away from fossil fuels too quickly. They’ve pointed to this year’s surge in prices as evidence there’s been too little investment in oil and gas exploration in recent years.

“The world needs maximum energy, minimum emissions and it needs all the energy solutions if we are to ensure global energy security,” Sultan al-Jaber, ADNOC’s chief executive offer, said in a statement.

Gas IPO

ADNOC will combine its liquefied natural gas and gas-processing arms in a new unit. It will sell a minority share of the business, to