The Abu Dhabi National Oil Company (ADNOC) announced a new gas discovery today.
The discovery in the Offshore Block 2 Exploration Concession off the cost of Abu Dhabi amounts to 1-1.5 trillion standard cubic feet of gas. The field is operated by the Italian energy giant Eni, ADNOC said in a press release.
Why it matters: The Offshore Block 2 gas field has proved successful for ADNOC. In February, the company also announced a discovery 1.5-2 trillion standard cubic feet in the field. The latest discovery therefore nearly doubles the amount of natural gas ADNOC has found there.
Oil and gas play a major role in the United Arab Emirates’ economy and are responsible for 30% of the Gulf state’s growth domestic product and 13% of its exports. The UAE has the seventh-largest natural gas reserves in the world, according to the US Department of Commerce.
Abu Dhabi is the center of the Emirates’ energy sector.
Emirati entities are also pursuing investments in renewable energy and green technology and ADNOC is no exception. Earlier this month, ADNOC signed an agreement with France’s TotalEnergies on carbon capture. In June, ADNOC sent ammonia to Japan.
Know more: Eni is heavily involved in the Middle East and North Africa. Most recently, the Italian oil and gas company has been working to secure gas for Europe from Egypt, Libya and Algeria.