ADNOC Gas announces $5bn contracts for Rich Gas development project
This marks the start of ADNOC Gas' largest-ever capital investment, aimed at expanding its gas processing capacity and supporting the UAE's growing market demands.
The RGD project is designed to optimise and increase throughput across several key ADNOC Gas facilities, including:
Asab (onshore)
Buhasa (onshore)
Habshan (onshore)
Das Island liquefaction facility (offshore)
The first phase will focus on expanding the capacity of existing facilities while also developing new gas reservoirs that will enhance liquid gas exports, support gas self-sufficiency in the UAE, and supply essential feedstock to the country's burgeoning petrochemical industry.
$5bn ADNOC Gas investment to drive growth
The contracts awarded for the first phase of the RGD project are split into three major tranches:
The largest, valued at $2.8bn, has been awarded to Wood for the Habshan facility
$1.2bn in contracts for the Das Island liquefaction facility
$1.1bn for the Asab and Buhasa facilities have been awarded to two consortia—Petrofac and Kent Plc
These contract awards are set to boost ADNOC Gas' operational efficiency, enabling the company to meet increasing market demands with enhanced processing capacity.
Fatema Al Nuaimi, CEO of ADNOC Gas, said: 'The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in ADNOC Gas' strategy to deliver +40 per cent EBITDA growth between 2023 and 2029.
'This strategic investment is expected to deliver significant new value for our shareholders and enable continued sustainable growth for the company, our employees, and the UAE.'
Unlocking new gas streams to support the UAE's economic growth
Phase 1 of the RGD project is set to optimise ADNOC Gas' existing gas assets while unlocking new and valuable gas streams. This will increase the company's capacity to meet the growing demand for gas and its derivatives. The project is also in line with ADNOC Gas' long-term growth strategy, which focuses on positioning the company for sustainable success between 2025 and 2029.
The RGD project will not only support the UAE's economic development but will also contribute to the country's energy security and its goal of achieving gas self-sufficiency. In addition, ADNOC Gas is committed to enhancing its In-Country Value (ICV) by creating hundreds of new, field-based technical positions by 2029, further fuelling the UAE's continued economic progress.
Looking further ahead, ADNOC Gas plans to take final investment decisions (FIDs) on two additional phases of the RGD project at Habshan and Ruwais. These phases will further expand production capacity to meet the growing global market demands for natural gas and its by-products.
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