ADNOC (Abu Dhabi National Oil Company), the state-owned oil megalith of United Arab Emirates and the world’s 12th-largest oil company by production as of 2021 employing over 55,000 workers, had issued a statement on Wednesday saying that the Abu Dhabi-headquartered oil giant would spend a whacking $127 billion in fresh capital expenditure over next five years, as the oil behemoth having had a capacity to produce 4 million barrels of crude per day or roughly a 5.0 per cent of the world’s entire crude oil output, had witnessed a significant uptick in United Arab Emirates’ crude oil and natgas reserves.
On top of that, the UAE’s state-backed oil mammoth had said in the statement that the resource-rich country’s national reserves rose by 4 billion STB (Stock Tank Barrels) of oil alongside 16 trillion SCF (Standard Cubic Feet) of natgas, totalling the tally to 111 billion stock tank barrels of oil alongside 289 trillion standard cubic feet of natgas.
More importantly, ADNOC also had added in the statement that the latest round of upsurge in UAE’s fossil-fuel reserves had further reinvigorated its stance as the world’s sixth- and seventh-largest oil and natgas reserves respectively as of Q3, 2021.
UAE’s ADNOC to invest $127bn between 2022 and 2026
According to the ADNOC statement, the Abu Dhabi Crown Prince Mohammed bin Zayed had chaired the oil giant’s annual board meet on Wednesday, which had laid out and approved a plan to step up ADNOC’s capex to $127 billion for 2022-2026 compared to a $122 billion for 2021-2025.
Nonetheless, the petroleum giant’s annual meet also had approved a “New Energies Strategy” that aims to reduce carbon usage while capitalizing on potential renewable energies alongside other lower carbon fuels.
The Government of UAE had plans to become a global clean energy powerhouse while pushing forth an initiative to a net-zero carbon emission by 2050.