UAE's ADNOC doubles down on gas, allocating $15B over next 5 years
In a Monday statement ADNOC Gas said it had raised its capital expenditure plan to around $15 billion for the next five years, from about $13 billion.
Abu Dhabi National Oil Company, the largest supplier of liquified natural gas in the United Arab Emirates, is boosting its supply of the fuel and foresees a strong demand for it through the rest of the decade.
In a Monday statement, ADNOC Gas, an ADNOC subsidiary, said it had raised its capital expenditure target to around $15 billion for the next five years, from about $13 billion, in light of increasing demand.
“Our LNG business is growing on the back of demand that we see," ADNOC Gas CFO Peter van Driel told Bloomberg, adding that supply will follow increasing demand “in particular into the east and Asia."
The CFO said that the upsizing cap plan doesn’t include two potential gas expansion projects that it has yet to decide whether to implement.
