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Adnoc Greenlights $6.2 Billion Gas Project to Bolster UAE's LNG Exports

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Adnoc Greenlights $6.2 Billion Gas Project to Bolster UAE's LNG Exports

Abu Dhabi National Oil Co., d/b/a Adnoc, approved a $6.2 billion final investment decision for the Umm Shaif Gas Cap project in offshore Abu Dhabi, marking a major step in expanding the United Arab Emirates' natural gas production and liquefied natural gas export capacity.

The state-owned oil and gas giant announced the decision on Tuesday alongside project partners TotalEnergies (TTE.PA, TTE.L), Eni (ENI.MI) and China National Petroleum Corp.

The project is expected to produce over 600 million standard cubic feet per day of natural gas and associated gas liquids, equivalent to about 10% of the UAE's current daily gas consumption. Production is scheduled to commence in 2030.

Adnoc will award three engineering, procurement and construction packages totaling $5.1 billion to local and international contractors under the project. Adnoc's majority-owned Adnoc Drilling (ADX:ADNOCDRILL) will also handle a $365 million 14-well drilling and integrated drilling services program over 18 months using three existing rigs.

"As global demand for reliable, lower-carbon energy continues to grow, ADNOC is unlocking more of the nation's gas resources and expanding its liquefied natural gas (LNG) portfolio to meet the needs of its domestic and international customers and power industrial and artificial intelligence (AI) infrastructure growth," the company said.

The Umm Shaif field, part of Adnoc's Umm Shaif and Nasr concession, has been operational for more than six decades. The first well at the offshore field was drilled in 1958.

Shares in TotalEnergies were up more than 1% in early morning trading in Paris and London, while Eni shares edged higher in Milan.

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