$150 billion oil investment from UAE

UAE plans $150 billion investment to expand oil and gas sector The national oil company of the United Arab Emirates (UAE), ADNOC, aims to increase the company’s capital investments to $150 billion over the next five years. ADNOC announced its updated strategy for increasing capital investments for the years 2023-2027. Accordingly, the company’s activities in the fields of gas processing and liquefied natural gas will be combined; the company “ADNOC Gas” will be established, and a minority stake in the new company will be offered to the public on the Abu Dhabi Stock Exchange next year. As part of the strategy, the company will increase its capital investments to 550 billion dirhams (approximately $150 billion) over the next five years, while the previously announced target of increasing production capacity to 5 million barrels per day will be accelerated to 2027 instead of 2030. On the other hand, it was stated that the UAE’s reserves have increased to 113 billion barrels of oil and 290 trillion standard cubic feet of gas. It was noted that the ADNOC program to increase domestic value added has contributed to the channeling of 35 billion dirhams (approximately $9.5 billion) to the local economy. It was stated that ADNOC signed a number of agreements this year targeting the opportunity to produce more than 100 products worth 70 billion dirhams (approximately $19 billion) locally by 2030. One of the world's largest oil and gas companies, "ADNOC", which is fully owned by the government of the Emirate of Abu Dhabi, includes 16 specialized subsidiaries and joint ventures.