As part of its accelerated growth strategy, Abu Dhabi National Oil Company (ADNOC) approved a $150 billion budget for the next five years. UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan presided over the ADNOC board of directors annual meeting as its chairman and underlined ADNOC’s role as a primary catalyst for the UAE’s growth and diversification. 

Planning to expand the company’s five million barrels per day oil production capacity to 2027, ADNOC is preparing to establish its gas subsidiary and list its shares on the Abu Dhabi Securities Exchange (ADX) in 2023.

During the company’s annual meeting, the board favored pursuing a net zero by 2050 ambition to support the UAE net zero by 2050 Strategic Initiative. It also endorsed ADNOC’s goal to drive expansion across its value chain to fulfill increasing energy demand responsibly and contribute to global energy security. 

ADNOC will establish a new low-carbon solution and international growth vertical focusing on new energy, gas, liquefied natural gas (LNG), and chemicals as part of the plan. 

Additionally, the board approved the establishment of ADNOC Gas, a new gas processing and marketing firm that would go into operation on January 1, 2023. The flagship firm will unify the operations, maintenance, and marketing of ADNOC Gas Processing and ADNOC LNG.

UAE President lauded ADNOC’s efforts to spur industrial growth through its In-Country Value (ICV) program and support for the Make it in the Emirates initiative.

This year, ADNOC’s ICV initiative has injected nearly $9.54 billion into the UAE economy and placed 2,000 UAE citizens in the group’s supply chain. Furthermore, 5,000 UAE citizens have been hired in ADNOC’s supply chain since the program’s inception.