Abu Dhabi’s state-owned Adnoc is stepping up a diversifed energy expansion drive that juggles its hydrocarbon expansion plans with ambitions to become a major low-carbon fuel producer, as the UAE targets net zero CO2 emissions by 2050. Adnoc has raised its conventional oil reserves estimate by 4bn bl to 111bn bl, the third consecutive increase in proven reserves in as many years, and added 16 trillion ft~3 (453bn m~3) of natural gas, taking total reserves to 289 trillion ft~3. And its latest fve-year business plan earmarks 466bn dirhams ($127bn) for capital expenditure in 2022-26, up by $5bn from its 2021-25 plan.
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