Abu Dhabi will invest 448 billion dirhams ($122 billion) in oil and natural gas over the next five years as it seeks to raise production capacity, even while Opec restricts its output.
The Gulf emirate’s top body for energy policy, the Supreme Petroleum Council, approved the budget for Abu Dhabi National Oil, state-run news agency WAM reported on Sunday.
The SPC gave approval to Adnoc to develop hydrogen as a low-carbon source of energy and to award contracts for companies to explore onshore and offshore oil and gas blocks. Abu Dhabi is the capital of the United Arab Emirates and holds almost all its oil.
The Emirate’s officials last week privately floated the idea that the UAE could leave the Organization of Petroleum Exporting Countries, a move which would be highly unusual and probably destabilize oil markets.
Energy Minister Suhail Al-Mazrouei later said the UAE “has always been a committed member,” though he didn’t address the country’s future in the cartel. Abu Dhabi plans to raise daily oil-production capacity to 5 million barrels by 2030.
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