Abu Dhabi approves ADNOC $122 billion capex for 2021-2025
The SPC also approved the awarding of a second round of exploration blocks and announced the discovery of 2 billion barrels of conventional oil reserves and 22 billion barrels of unconventional oil reserves.
DUBAI: Abu Dhabi’s Supreme Petroleum Council (SPC) approved on Sunday capital expenditure for Abu Dhabi National Oil Company (ADNOC) of 448 billion dirhams ($121.97 billion) between 2021 and 2025, state news agency WAM reported.
The SPC also approved the awarding of a second round of exploration blocks and announced the discovery of 2 billion barrels of conventional oil reserves and 22 billion barrels of unconventional oil reserves.
Abu Dhabi’s crown prince also directed ADNOC to explore and pursue potential opportunities in hydrogen, WAM said. ($1 = 3.6729 UAE dirham)
