Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Adnoc chairman
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
17 January 2025
Supply glut or supply deficit are both plausible outlooks, with tariffs and sanctions among the key risks that could swing the pendulum
17 January 2025
European Commission is on its way to meeting clean energy goals, but energy security concerns and higher costs may give it second thoughts
17 January 2025
The CEO of QatarEnergy has highlighted the potential impact a new EU directive could have on energy exports to the continent
16 January 2025
The government’s resource nationalism is aggravating the NOC’s debt position and could yet worsen if also tasked with the decarbonisation shift
