ADNOC to Invest $55 Billion in Oil Projects

The Abu Dhabi National Oil Company, ADNOC, plans to award as much as $55 billion, equivalent to 200 billion UAE dirhams, on upstream and downstream projects over the next two years, accelerating its investment in growth and production after the United Arab Emirates left OPEC effective May 1, 2026.

The announcement came on Sunday during the inaugural Make it With ADNOC Forum, just days after the UAE's departure from the cartel where it had been the fourth-largest producer. ADNOC’s $55-billion in new project awards will occur between 2026 and 2028, forming part of a broader $150-billion capital plan for 2026–2030 that was approved in November 2025.

The UAE has been working to boost its crude oil production capacity to 5 million barrels per day by 2027, a goal now pursued without OPEC quota constraints. This development unfolds as it has been just under 20 hours since the last reported Iranian strikes against the United Arab Emirates.

The ministry expressed concern over the spread of misinformation aimed at misleading the public and urged media outlets and social media users to uphold professional and ethical standards and to rely on official sources when reporting on diplomatic matters.

The ministry warned that the dissemination of such false claims could harm Somalia's diplomatic relations with other countries, particularly Arab states. It reaffirmed that no decision has been made to expel the UAE ambassador and that bilateral relations between Somalia and the United Arab Emirates remain normal and ongoing. Current oil prices reflect market conditions amid these events.

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