Adnoc outlines $130bn investment plan to boost oil, gas and petrochems output

Abu Dhabi National Oil Company (Adnoc) is pushing ahead with its ambitious expansion plans, unveiling a series of eye-catching production targets and a five-year business plan which includes Dh486bn ($132.3bn) of investment. The spending plan, which runs from 2019 and 2023, was approved by the emirate’s Supreme Petroleum Council (SPC) on 4 November; it includes a previously-announced five-year Dh165bn downstream investment programme.Alongside the huge spending plans, the SPC also announced new discoveries totalling 15 tcf of natural gas and 1bn barrels of crude oil.