GCC National Oil Companies' Capex to Reach $125 Billion by 2027: S&P Global
S&P Global projects that the capital expenditure of GCC national oil companies will rise to $115-$125 billion from $110-$115 billion in 2024, driven by expansion in the UAE and Qatar, and maintenance in Saudi Arabia. ADNOC aims for a 5 million barrels per day increase by 2027, while QatarEnergy is expanding LNG capacity.
Despite elevated capex, NOCs are expected to adopt a cautious spending approach, differing from international oil companies. Over half of the capex will focus on upstream activities. In March 2025, ADNOC's XRG acquired a 10% stake in Mozambique's Area 4 for $881 million.
NOCs are also increasing focus on gas and international operations. A cautious spending strategy may impact rig demand and profitability, while greater integration along the value chain is being pursued.
