ADNOC Approves $6.2 Billion Umm Shaif Gas Project to Boost UAE Supply
ADNOC Approves $6.2 Billion Umm Shaif Gas Project to Boost UAE Supply.
The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
ADNOC has approved a $6.2 billion final investment decision to develop the Umm Shaif Gas Cap, marking another step in its strategy to expand natural gas production and liquefied natural gas exports as global demand for gas continues to rise.
The offshore project, located at Abu Dhabi's longest-producing offshore field, is expected to deliver more than 600 million standard cubic feet per day of natural gas and associated gas liquids by 2030. According to ADNOC, that volume is equivalent to nearly 10% of the UAE's current daily gas consumption, supporting domestic energy security while increasing supplies available for international markets.
The development will be carried out alongside ADNOC's concession partners TotalEnergies, Eni and China National Petroleum Corporation.
As part of the project, ADNOC awarded three engineering, procurement and construction contracts worth a combined $5.1 billion to consortiums of UAE and international contractors. The company also approved a $365 million drilling program covering 14 wells, which will be executed by ADNOC Drilling over 18 months using three existing rigs.
The investment forms part of ADNOC's broader gas expansion strategy, which seeks to monetize the UAE's vast natural gas resources while growing its global LNG business. The company has previously announced plans to build a global LNG marketing and trading platform and is targeting 47 million tonnes per annum of marketable LNG capacity by 2035.
The announcement follows the recent award of the Bab Gas Cap concession by Abu Dhabi's Supreme Council for Financial and Economic Affairs, another major gas development expected to unlock an additional 1.5 billion scfd of natural gas and associated gas liquids.
With the UAE holding the world's seventh-largest natural gas reserves, ADNOC is investing heavily in upstream gas developments to meet growing domestic demand, including rising electricity needs from industry and artificial intelligence infrastructure, while reinforcing its position as a long-term supplier of lower-carbon energy to global markets.
Oil Prices Climb as U.S.-Iran Conflict Shows No Signs of Slowing
Surging Oil Prices Push Japan's Import Bill to an Unprecedented High
US Crude Oil Inventories Build As Hormuz Shipping Headache Drags On
Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else.
You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here.
Sinergia Empresarial continuará el seguimiento de esta información sobre aDNOC Approves $6.2 Billion Umm Shaif Gas Project to Boost UAE Supply y ampliará la cobertura conforme se confirmen nuevos elementos relevantes para el ecosistema empresarial.
