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:
He added in another tweet:
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.