Adnoc’s Board of Directors this week approved the state energy company’s new five-year business plan for 2026-2030. The board meeting on 24 November was chaired by UAE President Mohamed bin Zayed, and the scale and breadth of the new business plan highlights the extent of Adnoc’s ambitions.
Adnoc plans to invest $150bn over the five-year period, averaging $30bn/year, keeping capex level with the previous 2023-2027 five-year plan. Adnoc aims to increase crude production to 5mn b/d by 2027, and in keeping capex elevated beyond that the company is showcasing the extent of its expansion plans outside of its primary crude oil operations. Adnoc says the investments will “maintain the company’s current operations and drive smart growth as it continues to help meet growing global energy demand.” (CONTINUED - 928 WORDS)
