Abu Dhabi’s state oil company ADNOC will invest $150 billion globally between 2026 and 2030 under a 5-year business and capital expenditure plan agreed to at its annual board of directors meeting.
Of that amount, $50 billion will go to Canada under a framework agreement targeting artificial intelligence (AI), energy, and mining, according to a press release issued by the UAE Ministry of Investment which signed the deal on the sidelines of Canadian Prime Minister Mark Carney’s visit to Abu Dhabi on 20 November.
XRG Investments Almost Double
ADNOC confirmed the investment at its annual board meeting on 24 November, noting that the investment pool controlled by its international investment arm XRG had increased to $151 billion from $80 billion since the subsidiary’s November 2024 launch.
XRG’s long-term investment strategy has positioned Abu Dhabi as one of the largest and fastest-growing international energy investors, targeting projects in chemicals, natural gas, and renewables as the emirate seeks to build a global portfolio to decrease its dependance on oil export revenue, ADNOC reported on in a release after the board met at Abu Dhabi’s Habshan complex, the company’s onshore operations hub.
Abu Dhabi holds 96% of the UAE’s oil reserves and 90% of its gas resources, ranking 6th globally in oil reserves and 7th in gas, according to the US Energy Information Administration.
In its meeting release, ADNOC noted the following milestones achieved by ADNOC in the last year.
- Oil reserves increased to 120 billion STB, up from 113 billion STB, and natural gas reserves rose to 297 Tcf from 290 Tcf.
- Global partners are showing interest in investing in concessions to explore unconventional reserves estimated at 160 Tcf of gas and 22 billion STB of oil.
- The UAE’s conventional reserves base rose to 120 billion STB of oil from 113 billion STB while gas reserves climbed to 297 Tcf from 290 Tcf.
In the past year, ADNOC has discovered more than 1.2 billion BOE having completed the world’s largest three-dimensional seismic survey and by applying AI-powered data interpretation.
ADNOC’s board also agreed to form a new operating company for its Ghasha concession, an offshore project which includes the Hail, Ghasha, Dalma, SARB, and Nasr fields, that is expected to produce 1.8 Tcf of gas and 150,000 BOPD of oil and condensates.
The Hail and Ghasha mega project, “is now progressing at pace,” the release noted.
