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Abu Dhabi state energy giant Adnoc is to invest Dh400bn ($109bn) over the next five years. The Supreme Petroleum Council (SPC) approved the capital expenditure plan to 2022 during its annual meeting on 27 November.
Key investment targets within the timeframe include increasing crude production capacity from 3.1mn b/d to 3.5mn b/d, developing sour gas reserves, and expanding refining and petrochemicals capacity.
Adnoc remains publicly confident that it is on track to hit its targeted 3.5mn b/d production by end-2018, a 400,000 b/d increase on current levels. But it looks unlikely that Adnoc will be able to boost capacity to more than around 3.2-3.3mn b/d by the end of next year, leaving it around 270,000 b/d short of its target (see chart).
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