UAE President Premides Adnoc meeting and agrees $150bn Capex over next 5 years

The president of the UAE His Highness Sheikh Mohamed Bin Zaysed Al Nahyan proposed the annual meeting of the board of Adnoc of Adnoc of Adnoc and the cost of fifteen billion dollars (AED551).

Recognizing Adnoc’s success in delivering its domestic and international growth strategy while strengthening its strength in an area of ​​rapidly emerging power, his leadership was called upon in the Company to balance its impact beyond operations. He urged adnoc to turn the success into a strategic advantage to strengthen the UAE’s position as a technology-driven Energy Powerhouse.

Adnoc has helped increase the base of the UAE’s Conventional Realverve basers from 93 billion oil stock (STB) of oil to 120 billion STB and from 290 trillion standard cubic feet (TSCF) of natural gas to 297 tscf to 297 tscf. This has led to the UAE becoming the world’s sixth largest oil and gas reserves.

Adnoc also made new oil and gas discoveries of over 1.2 billion barrels of oil equivalent (BOE). The acquisition allowed the deployment of industry-leading technologies, including a large three-dimensional (3D) high-resolution seismic survey (3D) and the use of Artificial Intelligence (AI)-Information to interpret data that opened structures that were previously inaccessible.

His Highness also acknowledged and thanked Adnoc employees across the group for their hard work, dedication, and key role in reviving the UAE’s continued success.

Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and director of Adnoc Ogade Director and CEO appointed, “with strong support,” With the strong support of your Board of Directors,

“Our success this year in being able to move a complex area of ​​energy and accelerate domestic and international growth is a vote of the dedication of all partners at adnoc and ai to our future proof.

“We will continue to transform the way we create value at speed and scale, driving a new era of intelligence-intensive operations, working at the intersection of AI and power, to deliver growth for the UAE.”

Ghasha Project

The board approved the establishment of Adnoc Ghasha, a new operating company for the Ghasha concession, which includes Hail, Ghasha, Dalma, SARB, and NASR Fields. The concession is set to produce 1.8 billion SCF and 150,000 gas per day of oil and condensates.

Construction of the Ghasha Mega project, a key development within the Ghasha concession, is now progressing at a fast pace.

His highness emphasized Adnoc’s continued role as a catalyst for the UAE’s growth and diversification and saw that the company is creating new opportunities for society and industry through its private equity program (ICV) and its Emirates’ sponsorship.

All the final important investment decisions (Fid) are now taken in another adnoc project, TA’ziz 1 phase of natural chemicals in Al Ruwais Industrial City, Al Dhafra Region. The ecosystem is set to produce 4.7 million tons per year of industrial chemicals and will be one of the largest integrated platforms in the Gulf region. In collaboration with Adnoc’s other chemical plants, it will increase the chemical production capacity to 11 MTPA by 2028.

ICV system

By 2025, ADNOC’s ICV program has released US$17.7 billion (AED65 billion) back into the UAE economy. These achievements bring the total value of its ICV program to US $ 83.7 billion (AED 307 billion) since its launch in 2018. A total of 23,000 UAE nationals are employed in the private sector through the program.

Building on these achievements, the Board approved adnoc’s goal of driving US$60 billion (AED220 billion) to the UAE economy over the next five years.

The board also notes Adnoc’s progress in increasing local production of industrial products that are key to its supply chain. To date, the company has signed agreements for the release of locally made products worth US $ 21.8 billion (AED80 billion). The company has a production target in the region of US $ 24,5 billion (AED90 billion) worth of products in pipeline purchases by 2030.

XRG, Adnoc’s International Investment Company, was recognized to increase its business value to US$80 billion (AED290 billion), following its launch more than a year ago in November 2024.

Among the dignitaries attending the meeting was His Highness Sheikhin Mansour bin way way Nahyan, said the Vice President, Deputy Prime Minister of the President’s Court; HH Sheikh Khaled Bin Mohamed Bin Zaysed Al Nahyan, crown prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Government; HH Sheikh Hamdan bin Zayed Al Nahyan, the governor’s representative in Al Dhafra region; HH Sheikh hazse bin way way Nahyan, the governor’s representative in Al Ain region; Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure; Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and adnoc managing director and group CEO; Khaldoon Khalifa Al Mubarak, Chairman of the Associations Executive Amaguga and management Director and CEO of Mubadala group and others.

The annual meeting was held at the SHALISTION Hub in Abu Dhabi, a strategic location for the company’s operations that includes the largest processing facilities in the world. It was conducted in a control room operated by Adnoc Gas, which supplies 60 percent of the UAE’s natural gas needs to support the energy and industrial sectors.

Habhishan is key to powering the UAE’s industrial growth, providing natural gas supplies and feedstocks to key industries. It supports a variety of industries, including aluminum and steel production, cement production, and petrochemical facilities.