The Abu Dhabi state oil company, ADNOC, announced a multi-billion investment plan yesterday in a bid to shore up growth, meet energy demand, and diversify through tech.
His Highness President Sheikh Mohamed bin Zayed Al Nahyan, chaired the meeting in a scene symbolic of ADNOC’s importance to the UAE Vision 2030 agenda.
Abu Dhabi is the UAE’s wealthiest oil-rich emirate, providing the country with 96% of the country’s roughly 100 billion barrels of proven oil reserves.
Up to 30% of the UAE’s oil revenues are derived from oil.
New Energy Mix: LNG as a Export
The board gave the green light for a new operating company for its Ghasha connection: an offshore project expected to produce 1.8bn scp of gas and 150, 000 barrels per day of oil and condensates.
Currently, the UAE imports LNG from Qatar whilst Abu Dhabi is aiming to export it’s own LNG by 2030. The Ghasha connection is one of many initiatives to develop and refine natural gas for higher state revenues.
Energy Without Oil
On its international investment arm, XPG, ADNOC announced an uptick of investment from $80bn (USD) to $151bn (USD).
XRG aims to expand deals in chemicals, natural gas, and renewables as the emirate seeks to diversify away from oil revenue as the prime source of revenue in the country.
AI-Powered Growth
At the board meeting, ADNOC reaffirmed its ambition to become the “world’s most AI-enabled energy company.”
The meeting comes as U.S., Emirati, and Saudi cooperation on energy and AI expand.
Silicon Valley giants, like Microsoft, plan to use ADNOC and Masdar-powered data centres in the UAE. The collaborations, announced last year, but actioned earlier this year combine oil-driven green tech with AI firms in the U.S. alongside the UAE and KSA.
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