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| Gas-rich project |
UAE's ADNOC Gas Awards $5 Billion in Contracts for Rich Gas Project
ADNOC Gas, listed on the Abu Dhabi Securities Exchange, announced the final investment decision and award of $5 billion in contracts for the first phase of its Rich Gas Development Project. This represents a significant milestone for the company and its largest capital investment ever.
Rich gas is a type of natural gas with a high percentage of recoverable liquid hydrocarbons. It is economically important because the natural gas liquids extracted from it are used as feedstock in the petrochemical industry, transportation fuels, and plastics production.
The contracts include the expansion of key gas processing units to increase productivity and enhance operational efficiency at four of the company's gas processing facilities: Asab, Bu Hasa, Habshan (onshore), and Das Island LNG (offshore).
The company intends to make a final investment decision for two additional phases of the Habshan and Ruwais Rich Gas Development Project, with the aim of increasing production capacity to meet growing market demand.
Three engineering, procurement, and construction management (EPCM) contracts have been awarded for the first phase of the project. The first package, valued at $2.8 billion, for the Habshan LNG facility was awarded to Wood. The remaining two packages, valued at $1.2 billion for the Das Island LNG facility and $1.1 billion for the Asab and Bu Hasa facilities, were awarded to a consortium comprising Petrofac and Kent PLC.
On this occasion, Fatema Al Nuaimi, CEO of ADNOC Gas, said: “The final investment decision and award of the first phase of the Rich Gas Development Project represents a significant milestone in ADNOC Gas’ strategy to increase EBITDA by more than 40 percent between 2023 and 2029. This strategic investment is expected to deliver significant additional value for the company’s shareholders and contribute to enabling sustainable growth for the UAE, the company, and its employees.”
As part of ADNOC Gas’ long-term strategy, which focuses on growth and expansion, ensuring its business is fit for the future, the Rich Gas Project aligns with the company’s vision to implement several important growth and expansion initiatives and projects between 2025 and 2029.
In addition, the project highlights ADNOC Gas' commitment to enhancing national content and the company's plans to create hundreds of new specialized technical job opportunities by 2029, further contributing to supporting the country's economic growth.
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