View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
November 23, 2020

ADNOC receives Abu Dhabi’s SPC approval to invest $122bn from 2021 to 2025

UAE state-owned oil company Abu Dhabi National Oil Company (ADNOC) secured approval from Abu Dhabi’s Supreme Petroleum Council (SPC) to invest AED448bn ($122bn) over next five years, from 2021 to 2025, to expand the region’s hydrocarbons sector.

By Himaja Ganta

UAE state-owned oil company Abu Dhabi National Oil Company (ADNOC) secured approval from Abu Dhabi’s Supreme Petroleum Council (SPC) to invest AED448bn ($122bn) over next five years, from 2021 to 2025, to expand the region’s hydrocarbons sector.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

The approval enables ADNOC to expand Emirate’s vast hydrocarbon reserves.

SPC also approved the awarding of a ‘second round of exploration blocks’ and announced the discovery of two billion stock tank barrels (STB) of conventional oil reserves and 22 billion STB of unconventional oil reserves.

These oil reserves are located onshore in the Emirate of Abu Dhabi.

ADNOC noted that the capital expenditure (CapEx) plan of $122bn will help it drive upstream growth, advance downstream expansion and enable its 2030 smart growth strategy, as well as further strengthen its marketing and trading capabilities.

The company’s 2030 strategy is intended to deliver increased growth and profitability across the business over the next ten years, focusing on three areas; greater profitability upstream, greater value downstream, and a more sustainable and cost-efficient gas supply.

Commenting on SPC’s announcement of new hydrocarbon discoveries, ADNOC CEO Al Jaber stated: “Today’s announcement by the SPC of the discovery of recoverable unconventional oil resources demonstrates how ADNOC is efficiently expediting the exploration and development of Abu Dhabi’s unconventional resources and marks a major milestone as the nation’s unconventional industry evolves.

“Importantly, the increase in the UAE’s conventional oil reserves sends a strong signal that ADNOC is leaving no stone unturned in unlocking value from our abundant hydrocarbon resources to ensure the UAE remains a long-term and reliable energy provider to the world for decades to come.”

Last month, ADNOC awarded contracts valued at AED1.19bn ($324m) to optimise its onshore field operations and enhance efficiencies.

Related Companies

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Offshore Technology