Adnoc bucks trend for upstream restraint
The Emirati heavyweight is doubling down on capacity expansion
The story of Abu Dhabi’s state-owned Adnoc over the past year has, on a day-to-day basis, been little different to those of other major hydrocarbon producers worldwide—characterised by sharp spending cuts and project delays on the back of the price crash triggered by the coronavirus pandemic. But 2020 was also marked by a bullishness around fossil fuels’ long-term prospects that was at odds with global trends and the UAE federal government’s well-publicised clean energy drive. Just weeks after April’s oil market nadir, the company committed to a goal of raising crude production capacity by 25pc, to 5mn bl/d by 2030. And, in November, it adopted a $122bn five-year capex programme to both help
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
