Abu Dhabi National Oil Company has pledged to carry out a total of $150 billion in capital expenditure investments from 2026 to 2030, as per an announcement on Monday.
The update comes after the national oil and gas company secured a 15-year sales and purchase agreement with Shell.
UAE President His Highness Sheikh Mohamed Bin Zayed Al Nahyan presided over the meeting.
The money will be used to fund new growth for the company and support existing operations.
Prospects for oil discovery remain strong with AI technology leading the way and helping to find an estimated 1.2 billion barrels of oil.
“Our success this year in navigating a complex energy landscape and accelerating domestic and international growth is a testament to the dedication of all my colleagues at ADNOC and our focus on leveraging advanced technologies and AI to future-proof our business,” said ADNOC’s managing director and Group CEO, Dr Sultan Ahmed Al Jabar.