(Replace) November 24, 2025, 4:17 PM GMT: Updates with oil manufacturing capability within the final paragraph.
Abu Dhabi Nationwide Oil Co. will keep spending at $150 billion over the following 5 years because it targets development in manufacturing capability at dwelling and expands internationally.
The corporate’s board permitted the capital expenditure plan that’s in line with the earlier format that was introduced three years in the past. Since then, Abu Dhabi’s largest oil producer has carved out a global funding enterprise referred to as XRG that’s scouring the globe for offers.
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XRG has boosted its enterprise worth to $151 billion from $80 billion because it was arrange a few yr in the past, Adnoc mentioned in an announcement. The unit, which this yr acquired stakes in Adnoc’s listed corporations with a complete market worth exceeding $100 billion, goals to grow to be among the many world’s prime 5 suppliers of pure fuel and petrochemicals, together with the vitality wanted to satisfy demand from the AI and tech booms.
XRG has additionally snapped up contracts for liquefied pure fuel within the US and Africa, purchased into fuel fields across the Mediterranean and is within the closing levels of an almost $14 billion takeover of German chemical maker Covestro AG.
Nonetheless, the corporate’s largest effort but fell aside in September when the agency dropped its deliberate $19 billion takeover of Australian pure fuel producer Santos Ltd. It bounced again with a deal introduced this month to discover shopping for into an LNG mission in Argentina.
Adnoc’s board, chaired by UAE President and Abu Dhabi ruler Sheikh Mohamed bin Zayed Al Nahyan, reviewed plans to develop oil and fuel manufacturing capability. It shaped a working firm for the Hail and Ghasha offshore pure fuel concession and boosted the mission’s manufacturing goal to 1.8 billion cubic toes per day, from 1.5 billion, by the top of the last decade.
Adnoc is within the course of of accelerating oil manufacturing capability to five million barrels a day from 4.85 million a day at the moment. The UAE’s OPEC+’s quota permits it to supply simply over 3.4 million barrels a day in December, and elevating capability additional would go away extra of the aptitude mendacity idle.
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