MENA Oil and Gas & Utilities: ADNOC expediting production capacity increase?

Research evidence excerpt

MENA Oil and Gas & Utilities: ADNOC expediting production capacity increase?

Accessible version

MENA Oil and Gas & Utilities

ADNOC expediting production capacity

increase?

Industry Overview

Industry press reporting ADNOC targeting 6mb/d by 2031 24 July 2026

Industry press Upstreamonline has reported that ADNOC is doing internal assessments Equity

to boost its production capacity to 6 mb/d by 2031, advancing the target by at least MENA

three years from the previous 2034 timeline. The UAE’s OPEC exit has provided greater Oil and Gas & Utilities

flexibility for ADNOC to increase both production and production capacity. We reiterate Abhishek Kumar >>

our Buy on ADNOC Drilling and ADNOC L&S, as we believe they would benefit the most Research Analyst

from an expansion. EEMEA Oil & Gas: UAE exiting OPEC: ADNOC Drilling + L&S Merrill+971 4Lynch425 8227(DIFC)

beneficiaries 29 April 2026. abhishek.kumar29@bofa.com

Sashank Lanka >>

Multiple onshore/offshore fields to help expansion ResearchMerrill LynchAnalyst(DIFC)

The article says that the key fields that could contribute to this expansion are offshore +971 4 425 8231

sashank.lanka@bofa.com

fields such as (1) the Upper Zakum third expansion (~300 kbpd), (2) Lower Zakum LTDP

2, and (3) Umm Shaif, as well as onshore fields including (1) Bab and Bu Hasa, and (2)

newly awarded production concessions—Onshore Block 2, Block 4, and Block 5.

Higher opex and capex from ADNOC in medium term Mb/d- million barrels per day

An increase in UAE production and/or capacity would translate into higher opex and

Kbpd- thousand barrels per day

capex intensity. Importantly, it would extend the upstream spending cycle beyond 2027,

improving visibility on medium‑term growth. In this context, ADNOC’s announced