Abu Dhabi National Oil Company (Adnoc) on Monday said that its board has approved capital investments of Dh551 billion ($150 billion) for the 2026-2030 period to maintain the company's growth and operational process.
President Sheikh Mohamed chaired the company's annual meeting at the Habshan complex, one of the world’s largest gas processing facilities, state news agency Wam reported. Operated by Adnoc Gas, the complex meets 60 per cent of the UAE’s natural gas needs.
The board welcomed Adnoc's achievement in increasing the oil reserves by 7 billion barrels to reach 120 billion barrels, while also increasing its gas reserves by 7 trillion standard cubic feet to reach 297 trillion standard cubic feet, Wam reported.
The board also approved the establishment of a new company called Adnoc Ghasha, which will be the new operating company for the Ghasha sour gas project. It is expected to produce 1.8 billion standard cubic feet per day of gas, as well as 150,000 barrels per day of oil and condensates. The Ghasha sour gas concession includes the Hail, Ghasha, Dalma, Sarb and Nasr fields.
Sheikh Mohamed underlined Adnoc's continued role as a catalyst for the UAE’s growth and diversification. He recognised the company for creating new economic and industrial opportunities for the private sector through its in-country value (ICV) programme and for its support of the “Make it in the Emirates” initiative.
Sheikh Mohamed also called on Adnoc to convert its success into a strategic advantage to reinforce the UAE's position as a leader in technology-driven energy, Wam reported.
Adnoc's ICV programme has driven Dh65 billion ($17.7 billion) back into the UAE economy this year, bringing the total value brought back into the country's economy to Dh307 billion ($83.7 billion) since the programme's launch in 2018, Adnoc said. The company also said 23,000 Emiratis have been employed in the private sector through its inception.
The board also endorsed Adnoc's aim to bring Dh220 billion ($60 billion) into the UAE economy over the next five years through its ICV Programme.
The board also recognised XRG, Adnoc's international energy investment arm, for boosting its enterprise value from Dh290 billion ($80 billion) to Dh554 billion ($150.9 billion) since its launch last November. The boost in XRG's growth has helped to position Abu Dhabi as one of the largest international energy investors, the Adnoc board said.
XRG's international investments include an 11.7 per cent stake in the Rio Grande liquefied natural gas project in Texas and a 35 per cent stake in an ExxonMobil hydrogen plant, also located in Texas.
Dr Sultan Al Jaber, Adnoc's managing director and group chief executive, said the company's success this year is testament to Adnoc focusing on leveraging its advanced technologies and artificial intelligence to future-proof the company's business.
“We will continue to transform how we create value at speed and scale, driving a new era of intelligence-powered performance, operating at the intersection of AI and energy, to deliver growth for the UAE,” said Dr Al Jaber, who is also Minister of Industry and Advanced Technology.
