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ADNOC Gas, the natural gas unit of the UAE’s state energy giant ADNOC, has awarded a $3.6 billion contract to expand its gas processing infrastructure in the United Arab Emirates.
The contract was awarded to a joint venture between Abu Dhabi’s National Petroleum Construction Company Co. PJSC (NPCC) and Tecnicas Reunidas of Spain. The scope of the contract includes the commissioning of new gas processing facilities which will enable an optimized supply to the Ruwais Industrial Complex.
“This capital project represents ADNOC Gas’ latest investment in its gas processing infrastructure and underscores our commitment to responsibly meeting our customers’ current and future energy demand for natural gas and its feedstock,” said Ahmed Mohamed Alebri, Chief Executive Officer of ADNOC Gas.
ADNOC is betting on natural gas at home and abroad and works under a plan to boost production and exports. The plan includes new approaches and technologies to enable increased gas recovery from existing fields and develop untapped resources, ADNOC Gas says.
ADNOC Gas reported last week revenues of $10.6 billion for the first half of 2023, compared to Pro Forma Adjusted Revenue of $13.3 billion for the same period of 2022. The lower revenues were the result of the pricing environment.
“Our recent signing of significant long-term LNG agreements and our domestic investments demonstrate that we remain ideally positioned to meet both local and international demand, while further decarbonizing our operations in line with the UAE’s Net-Zero 2050 ambition, as we continue to deliver value for our shareholders over the longer-term,” Ahmed Alebri, Chief Executive Officer of ADNOC Gas, said last week.
Also last week, ADNOC announced it would buy 30% of the Absheron gas field in the Caspian Sea in Azerbaijan by acquiring stakes from the current partners in the field, TotalEnergies and SOCAR. After completion of the transaction, TotalEnergies and SOCAR will each own 35% in Absheron, and ADNOC will have 30% in the gas and condensate field, where first gas was achieved last month.
By Tsvetana Paraskova for Oilprice.com
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.