-- State-owned Abu Dhabi National Oil Co., or Adnoc, is looking to spend 200 billion Emirati dirhams in projects for 2026 to 2028, now that the United Arab Emirates' exit from the Organization of the Petroleum Exporting Countries has created room to accelerate investment.
Adnoc laid out its plans at a forum with contractors and local manufacturers on Sunday, two days after the UAE officially left OPEC and OPEC+. Some members of the expanded group, including Saudi Arabia and Russia, announced the same day that they would boost production in June by 188,000 barrels of oil per day.
The planned project awards form a part of the oil group's five-year capital expenditure plan approved last year and are intended to boost production capacity to meet rising global energy demand.
Speaking at another forum held Monday, Sultan Al Jaber, the UAE's minister of industry and advanced technology and Adnoc's managing director and group chief executive officer, said the country's departure from OPEC is part of a broader vision to reshape its economy and not a decision directed against anyone.
"It serves our national interests and long-term strategic objectives, aligns with our industrial, economic, and developmental ambitions, and gives us greater ability to accelerate investment, expand, and create value," Bloomberg reported Al Jaber as saying.