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  • 23-11-20

    Abu Dhabi to invest USD 122bn in oil by 2025

    (MENAFN) Over the upcoming five years, a total of 448 billion dirhams (USD 122 billion) of investments in oil and natural gas will be pumped by the government of Abu Dhabi as it looks forward to increase production volume, although OPEC limits its productivity.

    State-run news agency WAM reported on Sunday that the budget was approved by the Gulf emirate"s upper organization for energy policy, the Supreme Petroleum Council (SPC), for Abu Dhabi National Oil Co.

    The SPC passed approval to Adnoc to improve hydrogen as a low-carbon energy source and to grant deals for companies to discover onshore and offshore oil and gas blocks.

    On his part, Energy Minister Suhail Al-Mazrouei said: "the UAE has always been a committed member", without addressing the country's future in the cartel.

    MENAFN23112020000045011136ID1101169649

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