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
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
