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ADNOC receives Abu Dhabiâ(EURO)(TM)s SPC approval to invest $122bn from 2021 to 2025

Nov 23, 2020 - Marketline Newswire

UAE state-owned oil company Abu Dhabi National Oil Company (ADNOC) secured approval from Abu Dhabiâ(EURO)(TM)s Supreme Petroleum Council (SPC) to invest AED448bn ($122bn) over next five years, from 2021 to 2025, to expand the regionâ(EURO)(TM)s hydrocarbons sector.

The approval enables ADNOC to expand Emirate's vast hydrocarbon reserves. SPC also approved the awarding of a 'second round of exploration blocks' and announced the discovery of two billion stock tank barrels (STB) of conventi...