Adnoc bucks trend for upstream restraint
The Emirati heavyweight is doubling down on capacity expansion
The story of Abu Dhabi’s state-owned Adnoc over the past year has, on a day-to-day basis, been little different to those of other major hydrocarbon producers worldwide—characterised by sharp spending cuts and project delays on the back of the price crash triggered by the coronavirus pandemic. But 2020 was also marked by a bullishness around fossil fuels’ long-term prospects that was at odds with global trends and the UAE federal government’s well-publicised clean energy drive. Just weeks after April’s oil market nadir, the company committed to a goal of raising crude production capacity by 25pc, to 5mn bl/d by 2030. And, in November, it adopted a $122bn five-year capex programme to both help
Also in this section
2 June 2025
More than anything else, weak Chinese gas demand is providing relief to EU consumers, but it is uncertain how long this relief will last
30 May 2025
Energy majors argue transition debate has started to factor in the complexities of demand shifts and the wider role for gas
29 May 2025
Sovereignty is the watchword for the new government, but there are still upstream opportunities for those willing to work closely with the state
29 May 2025
A cautious approach to coal-to-gas switching offers lessons to others who are looking to balance cost with cleaner energy
