Adnoc to Speed Spending Post-OPEC with $55 Billion in Awards

The United Arab Emirates’ flagship oil company Adnoc announced plans to accelerate a growth plan with 200 billion dirham ($55 billion) in project awards spanning upstream and downstream operations, following the country’s exit from OPEC on May 1.

The $55 billion outlay, part of $150 billion the company had earmarked in capital expenditure through 2030, is planned for the period 2026 to 2028 and will help Adnoc meet rising global energy demand, the government-owned company said in a statement on Sunday.