ADNOC sets course for next five years with $150B spending plan

Abu Dhabi’s state oil company ADNOC is moving ahead with a $150 billion capital spending plan for the next five years aimed at boosting growth and meeting rising global energy demand.

During a meeting in Abu Dhabi on Monday, which was chaired by UAE President Sheikh Mohamed bin Zayed, the company’s board approved its 2026-2030 spending program, noting that its oil reserves have grown to 120 billion stock tank barrels, up from 113 billion. Natural gas reserves have also increased.

ADNOC is focused on “leveraging advanced technologies and AI to future-proof our business,” Group CEO Dr. Sultan Al Jaber told the board. “We will continue to transform how we create value at speed and scale, driving a new era of intelligence-powered performance, operating at the intersection of AI and energy, to deliver growth for the UAE.”

ADNOC reported that its investment arm, XRG, has grown in value to about $151 billion since its November 2024 launch and will target global deals in chemicals, natural gas, and renewables as part of the UAE’s energy diversification efforts.

The board also approved a new operating company for its Ghasha offshore concession, which is expected to produce 1.8 billion cubic feet of gas and 150,000 barrels of oil and condensates per day.