ABU DHABI, May 3 — The United Arab Emirates’ energy giant Abu Dhabi National Oil Company (ADNOC) said here Sunday it is accelerating its investment plans to award projects worth 200 billion dirhams (about 54.5 billion U.S. dollars) between 2026 and 2028 as part of its five-year capital program.
The announcement was made at the “Make it With ADNOC” forum, where the company said the move marks a new phase of expanded project execution across the energy value chain to help meet rising global demand.
ADNOC added that its future projects will help enhance the efficiency of the domestic industrial sector and boost in-country manufacturing through its “Local+” initiative, which prioritizes UAE-made products.
Established in 1971, ADNOC is fully owned by the Abu Dhabi government and ranks among the world’s largest energy companies.
The announcement follows the UAE’s imminent exit from the Organization of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ alliance, effective Friday, which ended the country’s nearly 60-year membership after repeated friction over production quotas.
The withdrawal, announced Tuesday by the UAE as a “sovereign, strategic choice” based on the country’s long-term economic vision, is expected to free the UAE, which has an estimated output capacity of up to 5 million barrels per day by 2027, to adjust its production independently.
Analysts have estimated that with the UAE leaving, OPEC will lose about 15 percent of its total production capacity. (Namibia Daily News/ Xinhua)
