The state-owned oil company Abu Dhabi National Oil Company (ADNOC) plans to invest over Dhr400bn (around US$109bn) over the next five years to reinforce its oil and gas output from its upstream operations as well as its downstream business units in Abu Dhabi (United Arab Emirates). The company plans to invest abroad - ADNOC will seek to increase its footprint in Asia, where most of its oil production is sold - and to start producing unconventional gas by 2030.
The company's capital expenditure (CAPEX) has been approved by the UAE Supreme Council of Energy (SPC), which expects to maximize value from ADNOC's operations. The short-term domestic production level objective is 3.5 mb/d by the end of 2018.
ADNOC owns 60% of the three companies that account for most of the UAE oil production and 6% of the world's crude oil reserves, namely ADCO (onshore fields), ADMA-OPCO (Abu Dhabi Marine Oil Company, offshore fields) and ZADCO.