The Emirate of Abu Dhabi intends to invest 448 billion dirhams, equivalent to (122 billion dollars) in oil and natural gas over the next five years in its quest to increase production capacity.

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According to Arabnet, the Abu Dhabi National Oil Company (ADNOC), through this plan, intends to redirect 160 billion dirhams, equivalent to $ 43.6 billion, to the local economy during The period between 2021-2025 through its program to enhance in-country value, which aims to cooperate with private sector companies and international companies, provide more opportunities for the local private sector, contribute to economic and social development and create job opportunities for UAE citizens.

The Supreme Petroleum Council, the emirate's highest oil authority, approved the budget for ADNOC and gave it approval to develop hydrogen as a low-carbon source of energy and award contracts to companies to explore oil and gas blocks Onshore and offshore, according to Bloomberg.

During its meeting, the Board also approved ADNOC's awarding of new areas for exploration, development and production of oil and gas within the second round of competitive bidding launched by Abu Dhabi in 2019 as part of its strategy to issue licenses to regions New.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, CEO of ADNOC and its group of companies, said that the Supreme Petroleum Council's announcement today of the discovery of large quantities of unconventional and recoverable oil resources embodies The extent of ADNOC's efficiency in accelerating the pace of exploration and development of Abu Dhabi's unconventional hydrocarbon resources, which represents a major achievement for the development of the non-conventional resources sector in the country.

It is also important to note that the increase in the UAE's reserves of traditional oil resources confirms the tremendous efforts made by the company to search for new opportunities to realize value from our hydrocarbon resources, including Ensures strengthening the UAE's position as a reliable global energy provider in the long run.

and said: ADNOC continues to work on developing large-scale investment projects in Ruwais to achieve the maximum possible value from every barrel of oil we produce ... in line with the leadership's directives and with Our strategy to expand our operations in the field of refining and petrochemicals, at the forefront of which are plans to develop Ruwais and transform it into a vital global center for industrial growth and economic diversification in the UAE, and to enhance our capabilities in marketing, supply and trading in order to achieve greater value from our products.

ADNOC's plans to expand its refining and petrochemical operations focus on developing the Ruwais Industrial Complex to become a vital global center for refining and petrochemical activities, and so ...