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Abu Dhabi National Oil Company: UAE Can Accelerate Investment and Expand Scale After Exiting OPEC
Sultan Al Jaber, Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC), said that after the United Arab Emirates exits OPEC, it will be better positioned to accelerate ...
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Sultan Al Jaber, Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC), said that after the United Arab Emirates exits OPEC, it will be better positioned to accelerate investment, expand scale and create value, in line with national interests and long-term strategic objectives, as well as the countrys industrial, economic and development ambitions.

Over the weekend, ADNOC announced its development plan, stating that as part of its USD150 billion development program, it will accelerate growth by awarding oil projects with a total value of approximately USD55 billion.

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ADNOC also disclosed that the UAEs oil production capacity stands at 4.85 million barrels per day, higher than estimates by some other institutions. The UAE plans to increase its production capacity to 5 million barrels per day next year. (mn/u)

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