Latest news with #gasdevelopment
Zawya
6 days ago
- Business
- Zawya
PDO leads Oman's energy push with $1bln gas project
MUSCAT: Petroleum Development Oman (PDO) is powering Oman's dual energy strategy with a $1-billion gas development project and major new investments in renewable energy, according to the Ministry of Energy and Minerals' 2024 Annual Report. The company's flagship gas initiative targets the Haima reservoirs — Amin, Miqrat and Barik — and brought 12 wells online last year. The project is expected to recover 2.22 billion cubic metres of gas and 0.34 million cubic metres of condensate, supporting domestic demand and securing future supply. 'In 2024, the Directorate of Project Delivery focused on the execution of a comprehensive portfolio of oil and gas extraction projects with a total value of $1 billion,' according to the Annual Report. The development comes at a critical time as Oman seeks to bridge projected gas gaps between 2024 and 2026, and again beyond 2031. PDO's production adds long-term stability to the country's energy mix. In parallel, PDO advanced into clean energy through three major renewable projects. In partnership with OQ Alternative Energy and TotalEnergies, the company is developing a 100 MW solar PV plant in north Oman and two wind farms totalling 200 MW in the south. The projects will come online in 2026 and are expected to generate over 1.4 terawatt-hours of electricity annually — reducing emissions by more than one million tonnes per year. The shift supports Oman's goal to reach Net-Zero emissions by 2050. PDO also remained Oman's leading exploration company in 2024, drilling 24 of the country's 54 oil wells and 9 of 19 gas wells. It accounted for 62% of the nation's total oil and condensate reserves.
Zawya
03-07-2025
- Business
- Zawya
ADNOC's Hail and Ghasha offshore gas mega-project achieves ‘sail-out' milestone
ABU DHABI - ADNOC's Hail and Ghasha mega-project has met a key development milestone, having completed the "sail-out" and installation of critical offshore facility structures from the NMDC Energy Yard in Mussafah, Abu Dhabi. The structures – called steel 'jackets' – form the foundation of the project's offshore facilities. Delivered on schedule and in line with the highest safety and quality standards, the first 2 jackets were transferred from the fabrication yard to the cargo barge and shipped 160 kilometres offshore for installation by NMDC's Safeen-3000 vessel where they were precisely positioned on the seabed. This achievement reflects the exceptional coordination and expertise of dedicated project teams and partners, ensuring the structure's secure anchoring and readiness for the next stage of offshore infrastructure assembly. The Hail and Ghasha Development Project is the world's largest gas development of its kind and an important enabler of gas self-sufficiency and the UAE's growing gas exports. The Concession will produce 1.5 billion standard cubic feet of natural gas per day – enough to meet the daily gas demand of Ireland, Greece and Portugal combined. It aims to operate with net-zero emissions, capturing 1.5 million tonnes of CO2 annually, equivalent to removing over 300,000 fossil fuel powered cars off the road. Musabbeh Al Kaabi, ADNOC Upstream CEO, said, 'ADNOC's Hail and Ghasha project is an important enabler of UAE gas self-sufficiency, and this sail-out puts us one step closer to delivering on the project. The mega-project is being Made in the Emirates, driving industrial growth and reinforcing the UAE's advanced manufacturing capabilities.' Hail and Ghasha embodies the ethos of the 'Make it in the Emirates' initiative and ADNOC's success in boosting In-Country Value, by prioritising local manufacturing, investing in UAE-based suppliers, supporting economic diversification and nurturing local talent. With 118 UAE graduates recruited across the project to date, this provides highly skilled career opportunities for UAE nationals to play a key role in delivering this world-scale project.
Zawya
24-06-2025
- Business
- Zawya
Jordan's NPC unveils plan to raise gas output to 418mln cubic feet daily by 2030
AMMAN — Director General of the National Petroleum Company (NPC) Mohammad Khasawneh on Sunday welcomed the Cabinet decision allowing the company to retain JD3.4 million in government returns from 2024, to support key gas development projects at the Risha gas field. Khasawneh stressed that the decision is critical to enabling the company to implement its strategic plan to achieve energy self-sufficiency. The plan aims to boost daily natural gas production to 418 million cubic feet by 2030, through a three-pillar approach focused on expanding drilling operations, upgrading infrastructure, and integrating with regional gas networks, the Jordan News Agency, Petra, reported. The retained funds will be used to drill 80 wells in the Risha field as part of the first phase of development, Khasawneh said adding that this move comes under the production-sharing agreement between the government and NPC, which grants the company the right to temporarily retain the state's share of revenues to reinvest in production capacity expansion. Khasawneh noted that the company operates under a concession framework, which stipulates equal revenue sharing between the government and NPC after cost recovery. He stressed that achieving the 2030 target requires significant upfront investment, particularly over the next three years, that far exceeds current revenues, highlighting that the government has agreed to temporarily forgo its share to bridge the funding gap, starting with the 2024 allocation. He also explained that the company's strategic plan includes drilling 145 wells between 2025 and 2030. "NPC has already launched the procurement process to contract international companies for turnkey drilling services using three rigs, he said. "The prequalification phase has been completed, and shortlisted companies have received the tender documents. Technical and financial bids are currently being prepared, with the initial 80-well phase subject to expansion." In parallel with drilling activities, NPC is advancing the second pillar of its plan: infrastructure development. This includes upgrading gas processing stations and constructing pipelines to link production wells with treatment facilities. The third pillar focuses on connecting the Risha field to the Arab Gas Pipeline, allowing gas to reach major consumption hubs across Jordan, from Aqaba in the south to the northern border, thus maximising distribution efficiency and national benefit, he said. Currently, NPC supplies gas primarily to the Risha power plant. However, the company has begun delivering compressed natural gas (CNG) to the industrial sector, with two companies already receiving supply and a third expected to start soon, via Jordan Gas Company and Watani Company. Additionally, two new gas compression and liquefaction stations are under development, aiming to extend gas delivery to a broader range of industrial clients. Khasawneh said that the expansion would significantly boost the company's revenue, enhance its financial sustainability, and reduce energy costs for the industrial sector by 30 to 60 per cent. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Trade Arabia
10-06-2025
- Business
- Trade Arabia
Adnoc Gas awards $5bn contracts for key Abu Dhabi RGD project
Adnoc Gas, an integrated gas processing and sales company, has awarded key engineering, procurement and construction management (EPCM) contracts worth $5 billion for the first phase of its Rich Gas Development (RGD) project in Abu Dhabi, marking a key milestone in the company's largest-ever capital investment. These contracts involve expanding key processing units to increase throughput and improve operational efficiency across four Adnoc Gas Facilities - Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore). The company intends to take final investment decisions (FID) on two additional phases of the RGD project at Habshan and Ruwais to enable the delivery of greater production capacity to meet growing market demands. The RGD project will enable the development of new gas reservoirs, which are key to boosting liquid gas exports, supporting gas self-sufficiency in the UAE, and providing essential feedstock to the country's growing petrochemical industry, it stated. According to Adnoc Gas, EPCM contracts have been awarded in three tranches for phase 1. The first tranche, valued at $2.8 billion, has been awarded to Wood for the Habshan facility. The remaining two tranches – $1.2 billion for the Das Island liquefaction facility and $1.1 billion for the Asab and Buhasa facilities – have been awarded to two consortia: Petrofac; and Kent, it stated On the new contracts, Adnoc Gas CEO Fatema Al Nuaimi said: "The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in our strategy to deliver +40% 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," she stated. Phase 1 of the RGD project focuses on optimising and debottlenecking existing gas assets while unlocking new and valuable gas streams. As part of Adnoc Gas' long-term strategy, which is focused on growth and futureproofing its business, the RGD project aligns with the company's vision to deliver important growth initiatives between 2025 and 2029, said Al Nuaimi.
The National
10-06-2025
- Business
- The National
Adnoc Gas awards $5bn in contracts for Rich Gas Development project
Abu Dhabi's Adnoc Gas has awarded contracts worth $5 billion for a key project that is part of its major operational expansion and self-sufficiency strategy. The final investment decision is the first of three phases for the Rich Gas Development project, which is expected to boost the company's Ebitda by 40 per cent through 2029, Adnoc Gas said in a statement on Tuesday. Ebitda – or earnings before interest, taxes, depreciation and amortisation – is a key metric used by companies to measure core profitability. The contracts are part of what Adnoc Gas, a unit of state-owned energy major Abu Dhabi National Oil Company, said is its biggest ever capital investment. They involve boosting key processing units to increase efficiency across its four gas facilities in Asab, Buhasa, onshore Habshan and Das Island, the company said. The engineering, procurement and construction management contracts were awarded in three tranches: Scotland-based professional services firm Wood secured $2.8 billion for Habshan, while a consortia of London-based Petrofac and Dubai's Kent received $1.2 billion and $1.1 billion for Das Island, and Asab and Buhasa, respectively. Adnoc Gas first hinted in November that it would make the investment decision for the Rich Gas Development project in 2025. A decision for another major project, the Bab Gas Cap development, is expected in 2026. The Rich Gas Development project will help develop new gas reservoirs, which in turn, would increase liquid gas exports, support the UAE's gas self-sufficiency agenda and provide feedstock to the country's growing petrochemical industry, the company said. The first phase of the project will focus on optimising and removing bottlenecks in existing Adnoc Gas assets while unlocking new and valuable gas streams, in addition to future-proofing its business. The company plans to decide on the next two phases of the project at Habshan and Ruwais to 'enable the delivery of greater production capacity to meet growing market demands', but did not give a timeline. The investment in the Rich Gas Development project marks a 'significant milestone' for the company, Fatema Al Nuaimi, chief executive of Adnoc Gas, said in the statement. '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,' she added. Adnoc Gas, which has access to 95 per cent of the UAE's natural gas reserves, is looking to boost exports of products such as liquefied natural gas, liquefied petroleum gas and naphtha. Its customers in the Emirates include utilities and industrial companies, which are supplied commercial quantities through an extensive network of pipelines. Adnoc Gas, alongside other Adnoc units, has been boosting investments to expand its geographical and operational reach. In May, the company reported a 7 per cent year-on-year increase in net income to $1.27 billion, driven by strong domestic demand for gas and continued economic growth in the UAE, the Arab world's second-largest economy. Adnoc Gas is also eligible for potential inclusion in the Morgan Stanley Capital International and Financial Times Stock Exchange emerging market indexes as early as June and September respectively, it said. Adnoc sold part of its stake in the subsidiary to institutional investors as it looks to improve liquidity and raise capital. The recently completed offering of 3.1 billion shares in Adnoc Gas increased the free float by 4 per cent to 9 per cent.
