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S&P Global forecasts that capital expenditure for GCC national oil companies will increase to $115-$125 billion by 2027, driven by expansion efforts in the UAE and Qatar, alongside maintenance in Saudi Arabia. Key initiatives include ADNOC's aim to boost production to 5 million barrels per day and QatarEnergy's LNG capacity expansion, with over half of the capex directed towards upstream activities. Despite this growth, NOCs are expected to maintain a cautious spending strategy, which may influence rig demand and profitability.