The Abu Dhabi National Oil Company (ADNOC) will invest as much as $127 billion in its upstream, downstream, and low-carbon fuel businesses between 2022 and 2026, the state oil firm of OPEC’s third-largest producer, the United Arab Emirates (UAE), said on Wednesday. The investment is set to help the UAE expand its oil and gas production capacity, commit more investments in the downstream segment, and invest more in its low-carbon fuels business and clean energy ambitions. With the five-year capital spending plan, ADNOC looks to “further stimulate growth and diversification,” the company said after its board approved the 2022-2026 capital plan. Alongside the capital spending for the next five years, ADNOC announced today a rise in its national reserves of 4 billion stock tank barrels (STB) of oil and 16 trillion standard cubic feet (TSCF) of natural gas. “These additional reserves increase the UAE’s hydrocarbon reserves base to 111 […]