Supreme Petroleum Council approves Dh486 billion investment for Adnoc
Adnoc to increase oil production to 5 million bpd by 2030
Abu Dhabi: Abu Dhabi National Oil Company (Adnoc) will increase oil production capacity to 5 million barrels per day by 2030 and the Supreme Petroleum Council approved Dh486 billion in capex to support the company’s five-year growth plans, according to a tweet by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
“Accelerating investments, driving competitiveness & increasing productivity are strategic imperatives, as we enter a new phase of national development. Adnoc is taking proactive steps to keep the UAE ahead of the curve and to enable future prosperity,” Abu Dhabi Crown Prince said.
COMMENT: ADNOC expansion a show of support for oil markets
With the blessing of HH Sheikh Khalifa, the Supreme Petroleum Council approved AED 486 billion in capex to support #ADNOC’s 5-year growth plans, including its gas strategy to become self-sufficient & a net gas exporter. ADNOC will increase oil production capacity to 5mpbd by 2030 pic.twitter.com/cIzh9HeMV4
— محمد بن زايد (@MohamedBinZayed) November 4, 2018
Accelerating investments, driving competitiveness & increasing productivity are strategic imperatives, as we enter a new phase of national development.
— محمد بن زايد (@MohamedBinZayed) November 4, 2018
#ADNOC is taking proactive steps to keep the UAE ahead of the curve and to enable future prosperity. pic.twitter.com/SQ8ZRCLyGY
More details are awaited.