UAE's ADNOC Boosts Energy Strategy with $150B Investment

The United Arab Emirates has announced a massive $150 billion capital program for its national energy strategy, with President Sheikh Mohamed bin Zayed approving the plan during ADNOCs annual board meeting. The meeting took place in the operations control room of ADNOC Gas, which supplies 60% of the UAEs natural gas needs. ADNOC recently confirmed a significant increase in the UAEs hydrocarbon reserves, with oil reserves rising by 7 billion barrels to 120 billion barrels and gas reserves growing by 7 trillion cubic feet to 297 trillion cubic feet. The board also approved the creation of ADNOC Ghasha, a new operating company dedicated to the Ghasha Concession, which is expected to produce 1.8 billion standard cubic feet per day of gas and 150,000 barrels per day of oil and condensates. ADNOC plans to invest $60 billion into the domestic economy over the next five years through its In-Country Value program and is reaffirming its goal to become the worlds most artificial intelligence-enabled energy company.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.