The UAE plans a global push in the field of energy: 150 billion dollars for oil and gas | Markets | 11/28/2022

The UAE is looking to expand its global reach in the field of energy and increase spending to increase its oil and gas production capacity.

Bloomberg has learned that the Abu Dhabi National Oil Corporation (ADNOC) will invest $150 billion over the five years to 2027. This is an increase from the $127 billion five-year spending plan announced a year ago.

Partial IPO planned for 2023
State-owned ADNOC will also set up a new gas processing and marketing unit. It will also seek to sell a minority stake in the company, called ADNOC Gas, in an initial public offering in Abu Dhabi in 2023. ADNOC will also create a separate division to look after international expansion in gas, chemicals and new energy sources.

OPEC’s Three Steps on Gas – In Oil and Gas
The UAE will seek to increase its crude oil production capacity to five million barrels per day by 2027, ahead of the previous target of 2030. It is the largest producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia and Iraq. They are spending billions of dollars to extract more oil and gas even as the country aims to reach net zero emissions by 2050.

Oil producers have benefited most of this year from higher prices, spurred in part by Russia’s invasion of Ukraine. And while Brent crude fell back to where it started the year, prices jumped to more than $100 a barrel in February. (KB)