ADNOC invests $6.2 billion in Umm Shaif offshore gas field

ADNOC approved a $6.2 cardinal last concern determination connected Tuesday to make the Umm Shaif Gas Cap, an offshore tract successful Abu Dhabi, alongside planetary partners TotalEnergies, Eni, and China National Petroleum Corporation.

Once afloat developed, the tract is projected to nutrient upward of 600 cardinal modular cubic feet per time of earthy state and associated state liquids, a measurement ADNOC said represents adjacent to 10% of what the UAE consumes domestically each day. Production is expected to statesman by 2030.

The concern includes 3 engineering, procurement, and operation packages totaling $5.1 cardinal for offshore infrastructure, awarded to consortiums of UAE and planetary contractors. A abstracted $365 million, 14-well drilling programme volition beryllium carried retired by ADNOC Drilling implicit 18 months utilizing 3 existing rigs, the institution 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," UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO Sultan Ahmed Al Jaber said successful a statement.

The UAE holds the world's seventh-largest proven state reserves, the institution said. The institution has outlined a extremity of reaching 47 cardinal tonnes of LNG capableness annually by 2035 arsenic it broadens its relation successful planetary state markets.

Umm Shaif is Abu Dhabi's longest-operating offshore field. It was successful this tract that Abu Dhabi drilled its archetypal offshore well, and lipid from Umm Shaif was loaded onto tankers for the emirate's inaugural exports successful 1962, according to CNBC.

Qatar presently supplies astir one-third of the UAE's home state needs done a pipeline woody that runs retired successful 2032, according to CNBC. With the Strait of Hormuz — done which astir 20% of planetary LNG moves — remaining nether strain, Abu Dhabi has felt mounting unit to physique retired its ain accumulation capacity.

Tuesday's determination follows a abstracted concession grant for the Bab Gas Cap, which the institution said is expected to unlock an further 1.5 cardinal modular cubic feet per time of earthy state and associated state liquids.