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ADNOC Gas makes $13bn LNG commitment
ADNOC Gas is to invest $13 billion in domestic and international opportunities in the next five years and aims to more than double its liquefied natural gas (LNG) production capacity by 2028.
The $65 billion top 20 oil and gas company included the commitments in its 2023 results, in which it recorded a net income of $4.7 billion. Dr. Sultan Ahmed Al Jaber, Chairman of ADNOC Gas – the integrated gas processing unit of ADNOC – said the investment will increases its EBITDA by up to 40% by 2029.
He said last year it made substantial investments, awarding contracts worth $4.9 billion to expand its processing capacity, which will provide additional sales volumes of up to 20%.
“Our international sales momentum grew in 2023 with the signing of LNG export agreements worth up to $12 billion, securing our returns in the coming years and capitalising on the increasing global demand for LNG as a transition fuel,” he said.
“We are looking to increase our LNG export volumes in a growing global market. Our aim is to acquire the new Ruwais LNG plant and more than double our LNG production capacity by 2028.” ADNOC has announced its intention to take a final investment decision (FID) on the Ruwais LNG project in 2024.
AG Image for 646726165InDr. Ahmed Alebri, CEO of ADNOC Gas, said its strong financial performance underpins its confidence to expand its global footprint and explore new revenue streams. “We aim to expand internationally by acquiring new positions in the gas value chain, targeting opportunities in Europe, India, China and South-East Asia if they add value to our business,” he said.
ADNOC Gas is well-positioned to benefit from ADNOC’s planned expansion of oil production capacity to five million barrels per day (bpd) by 2027.The company will continue to expand its natural gas pipeline network and develop infrastructure to boost gas supply for its petrochemicals growth in Ruwais.
ADNOC Gas aims to enhance operational efficiency through decarbonisation, digital transformation, and artificial intelligence (AI)-led technology innovation, which is expected to yield savings of up to $400 million annually.
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