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
29 April 2024
Although recent, firmer gas prices have blunted some price-sensitive demand, the overall growth outlook remains robust
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions