The board of Abu Dhabi’s state-owned oil giant ADNOC announced on Monday plans to bring forward the company’s 5 million barrel per day oil production capacity expansion to 2027 from a previous target of 2030, the state oil firm said in a statement.
To ramp up production, ADNOC is expected to offer billions of dollars’ worth of engineering, procurement and construction (EPC) projects over the next few years, as it accelerates both onshore and offshore development projects.
ADNOC has allocated a budget $150 billion on capital expenditure in the next five years to achieve this target.
Additionally, as part of this plan, ADNOC aims to drive $48 billion back into the UAE economy through its In Country Value programme, the company noted.
The ambitious plans to increase production capacity expansion by 2027, from the previous target of 2030, is part of an “accelerated growth strategy,” ADNOC added.
