Abu dhabi: His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), led the annual meeting of the ADNOC Board of Directors at the Habshan complex. During the session, a comprehensive five-year business plan and a capital expenditure (CAPEX) of AED 551 billion for 2026-2030 were approved to foster growth and address the rising global demand for energy.
According to Bahrain News Agency, His Highness Sheikh Mohamed bin Zayed acknowledged ADNOC's accomplishments in advancing its domestic and international growth strategy and its significant contribution to economic development through the In-Country Value (ICV) programme. The programme successfully redirected AED 65 billion into the UAE economy in 2024, accumulating a total value of AED 307 billion since its inception in 2018, along with the employment of 23,000 UAE Nationals in the private sector. The Board set a target to inject AED 220 billion into the UAE economy over the next five years.
The Board celebrated ADNOC's success in boosting the UAE's reserves to 120 billion stock tank barrels of oil and 297 trillion standard cubic feet of natural gas, thanks to new oil and gas discoveries totaling over 1.2 billion barrels of oil equivalent. These discoveries were facilitated by advanced seismic technologies supported by artificial intelligence.
Additionally, the establishment of ADNOC Ghasha, a new operating company for the Ghasha Concession, was approved. This company is projected to produce 1.8 billion standard cubic feet of gas and 150,000 barrels per day of oil and condensates. The Board also evaluated progress in developing Abu Dhabi's unconventional resources, including 160 trillion standard cubic feet of gas and 22 billion stock tank barrels of oil. Agreements were made to supply AED 80 billion worth of locally manufactured products, aiming for a target of AED 90 billion by 2030.
Furthermore, the Board recognized the growth of XRG, ADNOC's international energy investment company, which now has an enterprise value of AED 554 billion. The launch of ADNOC's Productivity Index to improve performance efficiency through artificial intelligence was also endorsed. The importance of continued investment in advanced technology was emphasized.