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Adnoc to invest Dh400b in oil and gas exploration and development

Abu Dhabi National Oil Company would be investing Dh400 billion (about $106.7 billion) over the next five years in exploration, development and production of oil and gas and petrochemicals, according to a statement on Wam on Monday.

The strategy was approved by Supreme Petroleum Council headed by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, crown prince of Abu Dhabi and Deputy Supreme Commander of the UAE armed forces.

Shaikh Mohammad tweeted on Monday:

With the blessing of HH Khalifa bin Zayed, we convened the SPC today and approved ADNOC’s expanded growth strategy supported by a capex program of over AED400b

He added in another tweet:

ADNOC will expand its portfolio through strategic international downstream investments and develop Abu Dhabi’s unconventional gas resources—cementing thse UAE’s position in the global energy industry.

The petroleum council also approved Adnoc’s plans of exploration, assessment and development of sour gas.

It also approved Adnoc’s local and international investments in refinery and petrochemicals.

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