His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), chaired the annual meeting of the Abu Dhabi National Oil Company (ADNOC) Board of Directors at the Habshan complex. During the meeting, he approved the $150 billion Capital Expenditure (CAPEX) plan for 2026–2030.
The investment is designed to sustain current operations, accelerate future growth, and reinforce the UAE’s position as a global energy leader. The meeting, held inside ADNOC Gas’ operations control room, reviewed the company’s performance and its role in supplying 60% of the UAE’s natural gas needs. Sheikh Mohamed praised ADNOC’s resilience and urged the company to expand its technological and strategic impact, as reported in the company’s press release.
The Board announced a significant increase in the UAE’s conventional reserves, now standing at 120 billion stock tank barrels of oil and 297 trillion cubic feet (tcf) of natural gas. This increase is supported by discoveries totalling 1.2 billion barrels of oil equivalent (boe), enabled by advanced seismic and Artificial Intelligence (AI) technologies.
Key approvals included the creation of ADNOC Ghasha, a new operating company that will oversee the Hail, Ghasha, Dalma, SARB, and Nasr fields. This new entity is set to produce 1.8 billion standard cubic feet per day (bscf/day of natural gas and 150,000 barrels per day (bbl/d) of oil and condensates.
Furthermore, progress on developing Abu Dhabi’s vast unconventional resources, estimated at 160 trillion standard cubic feet (tscf) of natural gas and 22 billion stock tank barrels of oil, was also reviewed.
In light of showcasing the achievements, ADNOC’s In-Country Value (ICV) program was highlighted for realising $17.7 billion to the UAE economy this year, contributing $83.7 billion since 2018. The Board endorsed a new target to drive an additional $60 billion into the economy over the next five years and noted progress toward the $24.5 billion target in local manufacturing by 2030.
Moreover, the Board reviewed the international expansion being driven by XRG, ADNOC’s global investment arm, which has increased its enterprise value to US$151 billion since 2024.
The meeting also addressed workforce development and progress on the TA’ZIZ chemicals ecosystem, which now has all Final Investment Decisions (FIDs) in place for a platform expected to produce 4.7 million tonnes per year (mtpa) of chemicals.
ADNOC is a UAE state-owned company and one of the world’s largest oil and gas producers. Founded in 1971, ADNOC manages the UAE’s vast hydrocarbon resources, ranking among the global leaders in the volume of oil and gas reserves. The company operates across the full value chain and is rapidly expanding internationally through its investment arm, XRG.
