Abu Dhabi’s Adnoc Keeps $150 Billion Spending in Growth Push

Abu Dhabi National Oil Co. will maintain spending at $150 billion over the next five years as it targets growth in production capacity at home and expands internationally.

The company’s board approved the capital expenditure plan that’s in line with the previous layout that was announced three years ago. Since then, Abu Dhabi’s biggest oil producer has carved out an international investment business called XRG that is scouring the globe for deals.