Adnoc reaffirms oil and gas intent

New medium-term investment programme remains heavily focused on exploiting additional hydrocarbons

State-owned Adnoc ended 2021 on defiantly traditional territory after a year marked by landmark ambitions in the clean energy arena. In early December, it unveiled a $127bn five-year business plan with major expansions of oil and gas capacity at its heart. And, two weeks later, it celebrated a significant discovery in acreage apportioned during its first international bid round. In word and deed, Abu Dhabi has publicly rejected the IEA’s scenario of a global moratorium on greenfield fossil fuel developments. The 2022-26 capital investment programme approved by the board—chaired by the emirate’s Crown Prince and de facto UAE ruler Sheikh Mohamed bin Zayed al-Nahyan—is not dramatically larger