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
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
