Abu Dhabi’s Adnoc announced an 18% increase in its planned Capex this week as the firm accelerated its upstream expansion plans. The latest planned capex of $150bn for 2023-27 equates to a record $30bn each year, underlining the scale of the firm’s ambitions. This puts Adnoc well ahead of any IOC when it comes to investment, with only Saudi Aramco standing ahead of it.
The latest five-year business plan was approved during the 28 November Adnoc board meeting, chaired by UAE President Sheikh Mohammed bin Zayed. During the meeting, Sheikh Mohammed emphasized Adnoc’s key role as a catalyst for the country’s growth and diversification according to a statement from the firm. (CONTINUED - 1672 WORDS)