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
Also in this section
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy
15 April 2024
Though hampered by methane concerns, US LNG has a crucial role to play for European and Asian energy security, US economic needs and the energy transition drive