Adnoc board approves $127bn spending plan as it unveils increase in hydrocarbon reserves
The board of the Abu Dhabi National Oil Company, under the chairmanship of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, approved plans to spend Dh466 billion ($127bn) between 2022 and 2026, of which Dh160bn will be directed towards the local economy by the state energy producer.
Adnoc's board, which gave a nod to the company's five year business plan on Wednesday, also announced a "significant" increase in national reserves of 4 billion stock-tank barrels (STB) of oil and 16 trillion standard cubic feet of natural gas.
These additional reserves increase the UAE’s hydrocarbon reserves base to 111 billion barrels of oil and 289 trillion scf of natural gas, Adnoc said in a statement, after Sheikh Mohamed presided over the company's board meeting.
The new discoveries have reinforced the country’s position as holder of the world's sixth-largest oil reserves and the seventh-largest gas reserves. The UAE will continue to responsibly unlock its hydrocarbon resources to drive progress and contribute to global energy security, Sheikh Mohamed said.
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