Abu Dhabi National Oil Company (ADNOC) — one of the world’s largest energy companies — is executing the most ambitious capacity expansion in its 50-year history. The company is targeting production capacity of 5 million barrels per day (bpd) by the end of 2027, up from approximately 4 million bpd in 2022-23. Here is a comprehensive breakdown of ADNOC’s strategy, assets, and financial performance in 2026.
ADNOC’s Production Capacity Growth
ADNOC’s upstream capacity expansion programme — approved in 2019 with a USD 122 billion capital expenditure plan through 2025 — has delivered ahead of schedule. Key milestones in 2025-26: the Ruwais Derivatives Park Phase 2 is operational, Hail and Ghasha offshore development (natural gas) is producing, and the Bab/Bu Hasa field tertiary recovery projects have increased oil recovery rates. ADNOC’s upstream portfolio spans onshore fields (ADCO — managed by TotalEnergies, BP, ExxonMobil, INPEX, and CNPC) and offshore fields (ADMA-OPCO with TotalEnergies and BP).
ADNOC Group: Listed Subsidiaries
ADNOC has progressively listed subsidiaries on the Abu Dhabi Securities Exchange (ADX), creating investment opportunities:
- ADNOC Drilling: Listed 2021; the largest integrated drilling company in the Middle East
- ADNOC Gas: Listed 2023; the world’s largest integrated gas business by reserves
- ADNOC Logistics and Services (ADNOC L&S): Listed 2023; fleet of 200+ vessels
- ADNOC Distribution: Listed 2017; 650+ petrol stations across UAE
- Fertiglobe: Listed 2021; nitrogen fertiliser producer (JV with OCI)
- BOROUGE: Listed 2022; polyolefins producer (JV with Borealis/Austria)
ADNOC’s Decarbonisation Commitments
Despite expanding oil production, ADNOC has committed to: achieving net-zero Scope 1 and 2 emissions from its operations by 2045, reducing methane intensity by 25% by 2025 (achieved), investing USD 15 billion in clean energy and carbon capture through 2030, and achieving 10% clean power use across operations. ADNOC is one of the lowest carbon-intensity oil producers globally, with approximately 6 kg CO2 per barrel versus the global average of 17 kg CO2 per barrel.
ADNOC’s International Acquisitions 2024-26
ADNOC has accelerated international M&A to secure downstream market access: acquisition of Covestro (German chemical company) for EUR 11.7 billion (completed 2024), a stake in OMV (Austrian energy company), acquisition of natural gas assets in the US Permian Basin (via ADNOC Gas), and increasing stakes in BP’s Caspian operations. These moves signal ADNOC’s transformation from a pure upstream producer to an integrated global energy company.
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