Abu Dhabi state firm Adnoc is looking to put the disruption of 2020 behind it with a huge $122bn investment plan for the next five years. Adnoc also announced a multi-billion barrel oil reserves upgrade which UAE Energy Minister Suhail al-Mazrouei says will “support the UAE’s plans for the next fifty years.”

The capex plan was approved by Abu Dhabi’s Supreme Petroleum Council (SPC) on 22 November. During the meeting, the SPC also gave approval for Adnoc to award exploration blocks under its second licensing round which was launched in 2019 (MEES, 3 May 2019). (CONTINUED - 2020 WORDS)