Abu Dhabi Oil and Gas Group plans to invest $150 billion in 2026-2030
ADNOC, the state-owned oil company of Abu Dhabi, announced on Monday that it plans to invest $150 billion between 2026 and 2030 in order to maintain current operations, grow and meet global demand for energy.
The board of directors of the company welcomed its increased oil reserves, which now total 120 billion stock-tank barrels (stb), compared to 113 billion stb. It also noted that natural gas reserves had increased from 290 trillion standard cubic foot (scf) to 297 trillion scf.
The Emirati oil company has attracted new global partners for unconventional exploration concessions in order to accelerate development, support Gulf State's self-sufficiency in gas and meet the growing global demand for gas.
ADNOC said that the value of XRG, its international investment arm, had increased from $80 billion to $151 billion since its launch in November 2011.
XRG aims at pursuing global deals in renewables, natural gas, and chemicals as the emirate tries to build a portfolio that spans the globe and rely less upon oil export revenues.
ADNOC's board of directors also approved the creation of a new operating firm for its Ghasha project, an offshore project that is expected to produce 150,000 barrels of oil per day and 1.8 billion cubic feet of gas.
(source: Reuters)
