ADNOC Accelerates $55 Billion Investment after UAE’s OPEC Exit

The Abu Dhabi national oil company, ADNOC, is accelerating investment in growth and production after the United Arab Emirates (UAE) left OPEC on May 1. The state oil and gas firm of what was OPEC’s fourth-largest producer before abruptly quitting last week, plans to award as much as $55 billion (200 billion UAE dirhams) on upstream and downstream projects over the next two years. The announcement of accelerated growth and delivery of the strategy came days after the UAE said it would quit OPEC effective May 1 to pursue its national interests.…