SerpApi.Org
Abu Dhabi's state energy company ADNOC, alongside partners TotalEnergies (TTE), Eni (E), and China National Petroleum Corporation, said Tuesday they took a final investment decision to move ahead with the $6.2B development of the offshore Umm Shaif Gas Cap project, betting that long-term gas demand remains strong despite supply vulnerabilities highlighted by the Middle East conflict.
The project is set to unlock more than 600M scf/day of natural gas and associated gas liquids, equivalent to nearly 10% of the United Arab Emirates' current daily gas consumption, ADNOC said, adding that production is expected to begin in 2030.
The investment includes three engineering, procurement, and construction packages totaling $5.1B for large-scale offshore infrastructure, awarded to consortia comprising major UAE and international contractors, the company said.
