State-owned oil giants Aramco and Adnoc aim to further localise their supply chains
Gulf’s oil heavyweights shop local
Aramco and Adnoc are channelling windfall oil revenues into furthering their government owners’ domestic economic development drives
NOCs Saudi Aramco and Adnoc are ramping up spending from coffers overflowing with oil revenue windfalls, frontloading investment programmes designed both to expand core upstream production and prepare their businesses to withstand the energy transition. In keeping with their owners’ national policies, the pair are also focusing efforts to ensure the proceeds from the resultant project activity boom flow back into their local economies. In late June, the Emirati heavyweight inked investment agreements worth some $5.7bn with the UAE’s domestic manufacturing sector, all aimed at serving Adnoc’s mushrooming procurement needs. A fortnight later, its Saudi counterpart said it had finalised similar
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
