ADNOC Gas Takes Decisive Step with $5 Billion Investment in Gas Development

ADNOC Gas, a prominent integrated gas processing and sales company, has recently taken a pivotal Final Investment Decision (FID) and awarded $5 billion in contracts for the initial phase of its expansive Rich Gas Development (RGD) Project. This marks ADNOC Gas's most substantial capital investment to date and involves significant expansions and efficiency improvements at its facilities in Asab, Buhasa, Habshan, and the Das Island liquefaction facility. The project's first phase emphasizes optimizing and debottlenecking existing gas operations to enhance throughput and operational efficiency. Notably, Engineering, Procurement, and Construction Management (EPCM) contracts for this phase were distributed in three tranches, with Wood awarded $2.8 billion for the Habshan facility, and two consortia, Petrofac and Kent Plc, securing $1.2 billion and $1.1 billion, respectively, for other site enhancements. CEO Fatema Al Nuaimi stated that this endeavor aligns with ADNOC Gas's strategy to achieve over 40% EBITDA growth from 2023 to 2029, while advancing gas self-sufficiency and supporting the UAE's petrochemical sector. These investments will also stimulate economic growth in the UAE by creating technical positions and enhancing the country's gas processing capabilities.