State-backed Abu Dhabi National Oil Company (ADNOC), which is one of the world's biggest oil and gas producers, is expected to make further investments to expand its global presence.
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has directed the oil giant to "explore further opportunities for international growth", according to the Abu Dhabi Media Office.
The crown prince issued the directive on Thursday when he chaired a meeting of the Executive Committee of the ADNOC Board of Directors at the company's headquarters.
During the meeting, the top official reviewed the progress of ADNOC's carbon management strategy and its plans to double its carbon capture capacity to 10 million tonnes per annum (mtpa) of carbon dioxide by 2030.
The oil company recently announced the final investment decision to develop its 1.5 mtpa Habshan carbon capture, utilisation and storage (CCUS) project.
The company, which is pursuing global expansion plans that include acquisition of assets overseas, announced last year that it would invest $150 billion over five years to support an "accelerated growth strategy" for oil and gas production. ADNOC is reportedly looking to expand its presence in African and European markets.
In January, the firm said it had allotted $15 billion to fund projects that include carbon capture, new CO2 absorption technology, investments in hydrogen and renewables, as well as electrification.
(Writing by Cleofe Maceda; editing by Seban Scaria)