UAE Endorses $150 Billion ADNOC Plan as Reserves Jump and Gas Output Expands

Core Insights - The UAE has approved a comprehensive expansion of its national energy strategy, endorsing a US$150 billion capital program for 2026–2030 and recognizing significant increases in oil and gas reserves [1][3] Group 1: Energy Strategy and Investments - The board approved a capital expenditure (CAPEX) of US$150 billion over the next five years to maintain upstream capacity, expand gas output, and accelerate growth in downstream and chemicals [4] - ADNOC is set to invest US$60 billion into the domestic economy through its In-Country Value (ICV) program over the next five years, which has already returned US$83.7 billion to the UAE economy since 2018 [6] - The company has signed over US$21.8 billion in local manufacturing offtake agreements as part of its plan to source US$24.5 billion worth of industrial products domestically by 2030 [7] Group 2: Hydrocarbon Reserves and Discoveries - ADNOC confirmed a significant increase in hydrocarbon reserves, with oil reserves rising by 7 billion stock tank barrels to 120 billion STB and gas reserves climbing by 7 trillion cubic feet to 297 tscf [3] - The company reported 1.2 billion barrels of oil equivalent (boe) in new discoveries, facilitated by advanced seismic imaging and AI-driven subsurface analytics [3] Group 3: Project Developments - The board approved the creation of ADNOC Ghasha, a dedicated operating company for the Ghasha Concession, expected to deliver 1.8 billion standard cubic feet per day (bscfd) of gas and 150,000 barrels per day (bpd) of oil and condensates [5] - All Phase 1 projects of the TA'ZIZ chemicals ecosystem in Al Ruwais are now underway, which will produce 4.7 million tons per annum (mtpa) of industrial chemicals and increase ADNOC's total chemicals capacity to 11 mtpa by 2028 [8] Group 4: Technological Advancements - ADNOC aims to become the world's most AI-enabled energy company, emphasizing the deployment of advanced analytics, robotics, and autonomous operations across its operations [9] - The board reviewed ADNOC's new Productivity Index, a real-time performance tool designed to enhance workforce efficiency [9]