UAE plans global energy push with $206b oil, gas spending
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The UAE is the largest producer in the Organisation of Petroleum Exporting Countries after Saudi Arabia and Iraq.
PHOTO: AFP
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ABU DHABI – The United Arab Emirates will look to expanding its global energy reach and increase spending to boost oil and natural gas production capacity.
Abu Dhabi National Oil will invest US$150 billion (S$206 billion) in the five years through 2027, according to a statement on Monday. That is an increase on the previous spending plan of US$127 billion over five years that was announced a year ago.
It will also form a new unit for gas processing and marketing, according to a statement. It will look to sell a minority share of the business, called Adnoc Gas, through an initial public offering in Abu Dhabi in 2023.
Government-owned Adnoc will set up a separate arm to look at international expansion in gas, chemicals and new energy sources.
It will try to raise crude output capacity to five million barrels a day by 2027, earlier than the previous target of 2030.
The UAE is the largest producer in the Organisation of Petroleum Exporting Countries, after Saudi Arabia and Iraq.
It is spending billions of dollars to pump more oil and gas, even as the country strives to reach net-zero carbon emissions by 2050.
Oil producers have benefited for most of this year from surging prices, driven in party by Russia’s invasion of Ukraine.
While Brent crude has fallen back to near where it started the year, it climbed to more than US$100 a barrel in February. BLOOMBERG
