$6.2-billion FID lets in ADNOC, TotalEnergies, Eni, and CNPC to unleash extra gas

ADNOC Offshore, a subsidiary of Abu Dhabi Nationwide Oil Firm (ADNOC), and its partners – France’s TotalEnergies, Italy’s Eni, and China Nationwide Petroleum Corporation (CNPC) – absorb unveiled a closing funding resolution (FID) for a construction project in the Umm Shaif and Nasr offshore concession in the United Arab Emirates (UAE).

Whereas reporting a $6.2 billion (AED22.6 billion) closing funding resolution to make the Umm Shaif Gas Cap in Abu Dhabi, the UAE’s massive outlined that the FID used to be accelerating its integrated global gas increase approach. This construction in the Umm Shaif and Nasr offshore concession is operated by ADNOC Offshore (60%), with TotalEnergies (20%), CNPC (10%), and Eni (10%), as partners.

The FID for Umm Shaif Gas Cap will release better than 600 million usual cubic feet per day (scfd) of pure gas and linked gas liquids, corresponding to nearly 10% of the UAE’s present every single day gas consumption. The funding is determined to enhance the nation’s energy security and its intention as a reliable global energy dealer. The most distinguished manufacturing from the project is anticipated by 2030.

Dr. Sultan Ahmed Al Jaber, UAE’s Minister of Exchange and Evolved Expertise and ADNOC Managing Director and Community CEO, commented: “ADNOC is accelerating its integrated gas formula to extra harness the UAE’s massive gas sources and expand our global LNG platform, as global search data from of for pure gas continues to upward thrust.

“The Umm Shaif Gas Cap FID is one other crucial milestone in delivering this approach and reinforcing ADNOC’s space as a reliable gas dealer. Along with our global partners, we are building on a long time of guilty stewardship of Abu Dhabi’s longest-working offshore self-discipline to release lasting value for the UAE and our clients.”

The FID entails three engineering, procurement and construction (EPC) programs totaling $5.1 billion (AED 18.8 billion) for colossal-scale offshore infrastructure awarded by ADNOC to consortiums, along side most distinguished UAE and global contractors. The event also contains a $365 million (AED 1.3 billion) 14-successfully drilling and integrated drilling products and services program to be delivered by ADNOC Drilling over 18 months the use of three existing rigs. 

The FID for Umm Shaif Gas Cap follows the Supreme Council for Financial and Economic Affairs’ (SCFEA) award of the concession settlement for the Bab Gas Cap, which is anticipated to release a further 1.5 billion (scfd) of pure gas and linked gas liquids, building on the UAE player’s open of a world LNG advertising and buying and selling platform in Abu Dhabi Global Market (ADGM), which is concentrated on 47 million tonnes every year of blended marketable LNG ability by 2035.

Patrick Pouyanné, Chairman and Chief Govt Officer of TotalEnergies, commented: “We’re pleased to reach this crucial milestone in conjunction with ADNOC and our partners. Following the present award of the Bab Gas Cap concession, this FID marks one other crucial step in creating Abu Dhabi’s most distinguished gas sources. This construction will contribute to TotalEnergies’ Upstream manufacturing past 2030 with low-sign and low-emissions sources.”

Umm Shaif is Abu Dhabi’s oldest offshore self-discipline, producing since 1962. TotalEnergies emphasizes that the project will release better than 600 million cubic feet per day of gas manufacturing by 2030 while maximizing condensate recovery by creating the gas cap sources above the self-discipline’s oil reservoirs.

By leveraging synergies with existing offshore facilities and spruce vitality from the UAE grid, Umm Shaif Gas Cap is designed to lower costs and restrict emissions. The project has the probably to lengthen gas manufacturing to up to 1.5 billion cubic feet per day, extra supporting the UAE’s lengthy-length of time gas increase approach, as the nation is acknowledged to raise the seventh-excellent gas reserves on the planet.

“As global search data from of for reliable, lower-carbon energy continues to develop, ADNOC is unlocking extra of the nation’s gas sources and expanding its liquefied pure gas (LNG) portfolio to meet the wants of its domestic and global clients and vitality industrial and synthetic intelligence (AI) infrastructure increase,” emphasized the UAE massive.