The SPC approved ADNOC’s capital expenditure (CAPEX) plan of $122 billion (AED 448 billion) for 2021-2025. ADNOC aims to drive over $43.6 billion (AED160 billion) back into the UAE economy in that time.
In addition, the SPC gave approval for ADNOC to award exploration blocks in Abu Dhabi’s second competitive block bid round which was launched in 2019.
Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, said: “Following the SPC’s approval of ADNOC’s CAPEX, we are well-positioned to continue driving long-term and sustainable value for the UAE while creating opportunities for local businesses and private-sector jobs for Emiratis through our in-country value tar-get.”
ADNOC’s CAPEX plan will enable it to drive upstream growth, progress down-stream expansion and further strengthen the company’s marketing and trading capabilities to ensure it maintains its competitiveness and industry leadership position over the next fifty years.
To underpin this competitiveness, H.H. Sheikh Mohamed bin Zayed mandated ADNOC to explore potential opportunities in Hydrogen with the ambition to position the UAE as a Hydrogen leader.
Following the SPC’s approval for ADNOC to award exploration blocks in the Abu Dhabi 2019 Block Bid Round, the company is set to announce the success-ful bidders. Based on existing data from detailed petroleum system studies, seismic surveys, exploration and appraisal wells data, estimates suggest the blocks in this second bid round hold multiple billion barrels of oil and multiple trillion cubic feet of natural gas.
