Abu Dhabi plans to spend $122 bn in oil & natural gas over the next 5 years

Abu Dhabi will invest 448 billion dirhams ($122 billion) in oil and natural gas over the next five years as it seeks to raise production capacity, even while Opec restricts its output.

The Gulf emirate’s top body for energy policy, the Supreme Petroleum Council, approved the budget for Abu Dhabi National Oil, state-run news agency WAM reported on Sunday.

The SPC gave approval to Adnoc to develop hydrogen as a low-carbon source of energy and to award contracts for companies to explore onshore and offshore oil and gas blocks. Abu Dhabi is the capital of the United Arab Emirates and holds almost