Abu Dhabi state firm Adnoc’s 2019-2023 business plan has been approved by the Supreme Petroleum Council (SPC). The firm plans to spend Dh486bn ($132bn), which amounts to $26.5bn/year. This is a substantial 20% increase on the 2018-2022 plan announced last November which called for investment of Dh400bn ($109bn), or $22bn/year.

The UAE and key ally Saudi Arabia have long bemoaned the lack of global upstream investment since oil prices collapsed in the second half of 2014. Their take, alongside that of many key industry figures, is that the post-2014 collapse in final investment decisions (FIDs) on major upstream projects presages a shortfall in global crude supplies early next decade (MEES, 21 October 2016). (CONTINUED - 1905 WORDS)