ADNOC approves $6.2bn Umm Shaif gas cap development

The Abu Dhabi National Oil Company (ADNOC) has confirmed a Dh22.6bn ($6.2bn) last concern determination (FID) to make the Umm Shaif Gas Cap successful Abu Dhabi, United Arab Emirates (UAE).

The task volition beryllium carried retired with the engagement of planetary partners TotalEnergies, Eni, and China National Petroleum Corporation (CNPC).

This improvement is portion of ADNOC's broader strategy to summation the availability of earthy state amid increasing planetary demand.

The Umm Shaif improvement is expected to supply much than 600 cardinal modular cubic feet per time of earthy state and associated state liquids.

According to ADNOC, this measurement represents astir 10% of the UAE's existent regular state use. Output from the task is scheduled to statesman by 2030.

Three engineering, procurement and operation contracts worthy Dh18.8bn person already been awarded for gathering offshore infrastructure. Major UAE and planetary contractors were among the awarded consortiums.

Additionally, the concern bundle covers a Dh1.3bn drilling programme for 14 wells, acceptable to beryllium carried retired by ADNOC Drilling implicit an 18-month play utilizing 3 rigs.

The UAE is recognised arsenic having the world's seventh largest state reserves. The institution said it is moving to unlock much state resources to conscionable some home and planetary vigor needs and to enactment the enlargement of its liquefied earthy state (LNG) business.

UAE Minister of Industry and Advanced Technology and ADNOC managing manager and radical CEO Sultan Ahmed Al Jaber said: "ADNOC is accelerating its integrated state strategy to further harness the UAE's immense state resources and grow our planetary LNG platform, arsenic planetary request for earthy state continues to rise.

"The Umm Shaif Gas Cap FID is different important milestone successful delivering this strategy and reinforcing ADNOC's presumption arsenic a reliable state supplier. Together with our planetary partners, we are gathering connected decades of liable stewardship of Abu Dhabi's longest-operating offshore tract to unlock lasting worth for the UAE and our customers."

The FID follows the Supreme Council for Financial and Economic Affairs' support of the Bab Gas Cap concession, which is intended to unlock an further 1.5 cardinal modular cubic feet per time of earthy state and related products.

ADNOC precocious launched a planetary LNG selling and trading level astatine Abu Dhabi Global Market, with a targeted capableness of 47 cardinal tonnes per annum (mtpa) by 2035.

Earlier this month, the institution finalised a 15-year income and acquisition statement to proviso 1mtpa of LNG to Inpex from the Ruwais LNG project.

"ADNOC approves $6.2bn Umm Shaif state headdress development" was primitively created and published by Offshore Technology, a GlobalData owned brand.