Confidence and fear in Adnoc’s new upstream plan

The Emirati heavyweight’s five-year investment blueprint calls for an accelerated oil and gas capacity ramp-up

The UAE’s Adnoc enters 2023 charged by its government owner with a newly ambitious upstream mission. A five-year business plan approved by the board in November demands crude production capacity reaches the longstanding 5mn bl/d milestone—up from c.4.2mn bl/d at present—three years earlier than previously scheduled. Also targeted is a sufficient increase in gas output to support an almost threefold increase in exports. Adnoc’s corporate dynamism, support from a host of international partners equally keen to step on the accelerator and a $150bn budget stand the company in good stead to deliver. 2bn bl – Reserve boost from Adnoc’s 2022 exploration Adnoc explained the heavily trailed de