Supreme Petroleum Council approves Dh486 billion investment for Adnoc

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

More details are awaited.