AlwaysFree: ADNOC Announces 2022-2026 Capital Spending Plans

Abu Dhabi National Oil Company (ADNOC) announced on Wednesday that it planned to spend $127 billion in 2022-2026, up from $122 billion for 2021-2025. The company said it would use this capital to expand its upstream production capacity and expand its downstream portfolio without giving further details. ADNOC’s board also approves plans to invest in low carbon and clean energy businesses, cut its carbon footprint, and capitalise on opportunities in renewables, hydrogen, and other low-carbon fuels. ADNOC also announced that the UAE’s oil reserves had risen by 4 billion stock tank barrels (stb) to 111 billion stb, while its natural gas reserves increased by 16 trillion standard cubic feet (scf) to 289 trillion scf.