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ADNOC Invests $150bn To Boost Energy Output

OIL

ADNOC announced it intends to invest $150bn over the next five years to boost energy output and to accelerate its target of 5mbpd of crude oil by 2027, the company said.

  • The Board approved ADNOC’s strategy to accelerate growth in new energies, gas, LNG and chemical manufacturing.
  • It plans to increase the UAE’s reserves to reach 113bn barrels of oil and 290tn cf of gas.
  • ADNOC will also sell shares of its new gas unit, ADNOC Gas.

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