"ADNOC " It takes the final investment decision worth 22.6 billion dirhams in the project to develop the gas cap of the Umm Al Sheif field

ABU DHABI, 21 JULY / WAM / ADNOC announced the acceleration of the implementation of its integrated growth strategy in the field of gas, by taking the final investment decision in the “Project to develop the gas cap of the Umm Al Shaif field” in Abu Dhabi, at a value of 22.6 billion dirhams ($6.2 billion), in cooperation with its international partners in the project, which are “Total Energy”, “Eni” and the China National Petroleum Corporation (CNPC).

The UAE has the seventh largest gas reserve in the world, and as international demand for reliable, low-carbon energy supplies continues to grow, ADNOC is working to accelerate the investment of gas resources in the country and expand its business portfolio in the field of liquefied natural gas to meet the needs of its local and international customers, and to contribute to supporting the growth of infrastructure for the industrial and artificial intelligence sectors.

Making the final investment decision in the “Umm Al Sheif Gas Cap Project” is the latest step in ADNOC’s efforts to implement its growth strategy in the gas field, as this project allows the production of more than 600 million standard cubic feet per day of natural gas and associated gas liquids, equivalent to about 10% of the local daily consumption of gas, which contributes to enhancing energy security in the UAE. The project is expected to start production by 2030.

His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, said on this occasion that, in line with the vision and directives of the wise leadership in the UAE to achieve the maximum value from our resources, and in light of the increasing global demand for natural gas, ADNOC is focusing on accelerating the implementation of its integrated gas strategy to enhance the benefit of its abundant resources in the UAE and consolidate its global position in the liquefied natural gas sector.

He added that the final investment decision in the “Umm Al Sheif Gas Cap Development Project” constitutes an important new step in ADNOC’s efforts to implement this strategy, noting that through cooperation with international partners, ADNOC continues to build on a legacy that extends for decades of responsible and disciplined management of the oldest operating offshore field in Abu Dhabi, which contributes to achieving sustainable value for the UAE and its customers.

The final investment decision for the “Umm Al Sheif Gas Cap Development Project” contributes to consolidating the UAE’s position as a reliable destination for long-term global investment, and comes after the Supreme Council for Financial and Economic Affairs in Abu Dhabi announced last month an agreement to grant the development and production concession for the Bab field gas cap to ADNOC and a number of its international partners, which is expected to provide the possibility of increasing production by up to 1.5 billion standard cubic feet per day of natural gas and associated gas liquids.

This decision also comes after ADNOC launched a global platform for marketing and trading liquefied natural gas in the Abu Dhabi Global Market, targeting the marketing of 47 million tons annually of liquefied natural gas by 2035.

The final investment decision for the project includes three engineering, procurement and construction contracts with a total value of 18.8 billion dirhams ($5.1 billion) to develop marine infrastructure, which ADNOC awarded to alliances that include a number of the most prominent Emirati and international contracting companies.

The project includes a program to drill 14 wells worth 1.3 billion dirhams ($365 million), and integrated services that will be implemented by ADNOC Drilling over a period of 18 months using three existing platforms.

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