What’s behind Abu Dhabi’s $13 billion investment in gas?
The Abu Dhabi National Oil Company (ADNOC) is seeking more foreign partners as it aims to boost gas production capacity.
A gas-focused subsidiary of the Abu Dhabi National Oil Company (ADNOC) announced on Monday a multibillion dollar investment plan, representing the continued importance of natural gas to the United Arab Emirates' energy strategy.
Company CEO Sultan Ahmed Al Jaber said ADNOC Gas will invest $13 billion in “domestic and international growth opportunities” between 2024 and 2029. The company additionally hopes to increase its liquefied natural gas (LNG) exports and double LNG production capacity by 2028. The increase in capacity will be aided by the company’s Ruwais LNG plant, Jaber said in a press release.
ADNOC is planning a new LNG export project in Ruwais, located west of Abu Dhabi. The company said last month that it issued a notice for early engineering, procurement and construction activities to proceed at the site. ADNOC is preparing to come to a final investment decision on the project in the first half of 2024, Bloomberg reported at the time.
ADNOC Gas’ current production capacity is 6 million metric tons (mt) of LNG per year, according to a February report from S&P Global.
