ALBAWABA - ADNOC, the UAE’s oil and gas giant is set to invest $6.2 billion into Abu Dhabi’s natural gas development project.
Headed by ADNOC, the investment includes France’s TotalEnergies, Italy’s Eni, and China’s National Petroleum Corporation into the offshore Umm Shaif Gas Cap in Abu Dhabi.
The $6.2 billion investment is expected to produce more than 600 million standard cubic feet of gas and gas liquids per day from 2030, the company said.
"ADNOC is accelerating its integrated gas strategy to further harness the UAE's vast gas resources,
The move expands the "LNG platform, as global demand for natural gas continues to rise", added industry minister and ADNOC group's chief executive Sultan Ahmed Al Jaber said.
The move comes amid an ongoing war in the gulf as Iran keeps bombing gulf states’ oil infrastructure, the UAE announced its main gas-processing complex, Habshan in Abu Dhabi, would not return to full capacity until next year due to being targeted by Iran.
As gulf countries face challenges in boosting their output due to the conflict around Hormuz, the new Abu Dhabi site is expected to ease concerns and increase oil availability.
