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Commodities

Abu Dhabi approves ADNOC $122 billion capex for 2021-2025: WAM

FILE PHOTO: General view of the ADNOC headquarters is seen in Abu Dhabi, United Arab Emirates, December 23, 2018. REUTERS/Hamad I Mohammed

DUBAI (Reuters) - Abu Dhabi’s Supreme Petroleum Council (SPC) approved on Sunday capital expenditure for Abu Dhabi National Oil Company (ADNOC) of 448 billion dirhams ($121.97 billion) between 2021 and 2025, state news agency WAM reported.

The SPC also approved the awarding of a second round of exploration blocks and announced the discovery of 2 billion barrels of conventional oil reserves and 22 billion barrels of unconventional oil reserves.

Abu Dhabi’s crown prince also directed ADNOC to explore and pursue potential opportunities in hydrogen, WAM said.

Reporting by Lisa Barrington and Rania El Gamal; Writing by Yousef Saba

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