UAE plans global energy push with Adnoc’s $150bn spending

The UAE will expand its global energy reach as the OPEC member’s biggest energy company boosts spending to increase oil and natural gas production capacity.

Abu Dhabi National Oil Co. will invest $150bn in the five years through 2027, according to a statement Monday. That’s an increase on the previous spending plan of $127bn over five years that was announced a year ago.

The government-owned company will set up a unit to look at international expansion in gas, chemicals and new energy sources.

Adnoc will also accelerate its target for raising crude output capacity to 5 million barrels a day by 2027, earlier than the previous target of 2030.

It will also combine its natural gas businesses in a new unit to be called Adnoc Gas and plans to sell shares in that company in an initial public offering next year.