On Sunday, Abu Dhabi’s Supreme Petroleum Council (SPC) approved Abu Dhabi National Oil Co. (ADNOC)’s capital expenditure (CAPEX) for 2021-2025 of AED448 billion (USD121.97 billion), according to state news agency WAM.
The SPC also green-lighted the awarding of the second round of exploration blocks while also announcing the discovery of 2 billion barrels of conventional oil reserves and 22 billion barrels of unconventional oil reserves.
Abu Dhabi’s crown prince had also given guides for ADNOC to pursue potential opportunities in hydrogen.
