The Abu Dhabi National Oil Company plans to invest approximately $109 billion over the next five years to strengthen its market position, Reuters reports.
The investments will be channeled toward natural gas production and increasing the companies downstream capacity outside the UAE, according to The National.
“ADNOC will expand its portfolio through strategic international downstream investments and develop Abu Dhabi’s unconventional gas resources, the Crown Prince of Abu Dhabi, Mohammed bin Zayed, tweeted, The National reports.
The company is particularly looking to increase production of sour gas, according to Reuters,
Under its new CEO, Sultan El Jaber, ADNOC is revamping its business model and plans to enter the international oil-trading business, Reuters previously reported. As part of an overhaul of its capital structure, the company recently announced a partial IPO of one of its subsidiaries, ADNOC Distribution, and carried out a successful $3 billion bond auction at another subsidiary, the Abu Dhabi Crude Oil Pipeline (ADCOP), according to Reuters.