Adnoc presses the upstream accelerator
Abu Dhabi has resumed the chase towards long-term capacity targets
State-owned heavyweight Adnoc is ramping its spending back up, buoyed by oil prices above $70/bl and the prospect of Opec+ cuts winding down in the second half of the year. The focus, somewhat unfashionably, remains on upstream oil and gas. The emirate’s government defiantly signalled confidence in the oil sector’s future—or at least determination to squeeze the maximum income from it in the time remaining—in April last year. Despite prices touching a two-decade nadir, it set a 5mn bl/d 2030 capacity target for its NOC, an increase of around 25pc. Various contributing projects were paused at the design stage for the duration of the market slump. In part, this was due to Adnoc’s IOC partners
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
