Abu Dhabi National Oil Company (Adnoc) plans to spend $150 billion on capital expenditure in the next five years, as the emirati giant prepares to advance its 5 million barrels per day of oil production capacity target to 2027, on the back of improved market fundamentals.

The company on Monday said that its “five-year business plan and capital expenditure of $150 billion” for the period 2023 to 2027 was approved by the Adnoc board to enable the accelerated growth strategy.

“As part of this plan, Adnoc aims to drive $48 billion back into the UAE economy through its ICV (In Country Value) programme,” it noted.

The company’s “board also endorsed plans to bring forward Adnoc’s 5 million bpd oil production capacity expansion to 2027, from the previous target of 2030, as part of the accelerated growth strategy”.

“Adnoc produces some of the world’s least carbon-intensive oil and this new target will provide the company with greater flexibility to meet rising global energy demand,” the company stated.

Opec oil and gas giants including Saudi Aramco and Adnoc are operating with limited swing capacities as they near their peak production levels, making them rework their investment plans and fast-track strategic upstream developments.