Major Investment and Reserve Expansion

The Abu Dhabi National Oil Company (Adnoc) has approved a substantial five-year business plan and capital expenditure of 551 billion dirhams ($150 billion) for the period 2026-2030. This investment is intended to maintain the company's current operations and drive smart growth to help meet rising global energy demand.

Increased Hydrocarbon Reserves

Adnoc has significantly increased the UAE's conventional oil reserves base from 113 billion to 120 billion stock tank barrels and its natural gas reserves from 290 trillion to 297 trillion cubic feet. This enhancement solidifies the country's position as the custodian of the world's sixth-largest oil reserves and seventh-largest gas reserves.

New Discoveries and Production Capacity

The company announced new oil and gas discoveries totalling more than 1.2 billion barrels of oil equivalent. These discoveries were made possible by deploying advanced technologies, including the world's largest 3D seismic survey and AI-powered data interpretation, which unlocked previously inaccessible geological structures. Concurrently, Adnoc is progressing with its plan to expand Abu Dhabi's oil production capacity from the current 4.85 million barrels per day to 5 million barrels per day by 2027.

Key Development Projects and Unconventional Resources

While specific projects were not detailed, large-scale developments such as the Bab Gas Cap, Umm Shaif Gas Cap, and further development of the Upper Zakum oilfield are anticipated to be key expansion programs. The board also reviewed Abu Dhabi's unconventional resources programme, which has successfully attracted new international partners to bring global expertise. The estimated unconventional recoverable resources are substantial, at 160 trillion cubic feet of gas and 22 billion stock tank barrels of oil.

Economic Contribution

In addition to its operational investments, Adnoc aims to inject $60 billion into the UAE economy over the next five years through its In-Country Value (ICV) localisation programme, which focuses on enhancing local economic benefits.