Adnoc Approves $6.2 Billion Project to Boost Gas Production

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessAdnoc Approves $6.2 Billion Project to Boost Gas ProductionAbu Dhabi National Oil Co. approved a $6.2 billion project to ramp up natural gas production, its latest push for supplies of a fuel whose demand it sees continuing to grow in the future.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Abu Dhabi National Oil Co. approved a $6.2 billion project to ramp up natural gas production, its latest push for supplies of a fuel whose demand it sees continuing to grow in the future.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe company and its partners TotalEnergies SE, Eni SpA and China National Petroleum Corp. will develop the Umm Shaif Gas Cap project to produce the equivalent of about 10% of the United Arab Emirates’ current gas consumption, according to a statement. Output is expected to start in 2030.Adnoc has been increasing gas supply by unlocking new reserves domestically, including signing an agreement for the Bab Gas Cap project last month, while pushing into liquefied natural gas facilities from the US to Mozambique. The company, which is also in the process of more than doubling LNG export capacity in Abu Dhabi, had been sending out some shipments during the Iran war that started in the end of February. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againAdnoc this month said it would consolidate its LNG trading operations with those of Adnoc Gas Plc and investment arm XRG, aiming for the new combined business to handle 47 million tons of the liquefied fuel by 2035. Those volumes would include supply from overseas.Late last year, Adnoc unveiled a $150 billion five-year spending plan, targeting growth in energy production capacity at home and deals to expand internationally. It is raising total oil production capability to 5 million barrels a day from the current 4.85 million a day. The company has also been one of the most active global dealmakers in the industry.The final investment decision for Umm Shaif Gas Cap includes three contracts totaling $5.1 billion for offshore infrastructure. It also involves Adnoc Drilling Co. undertaking a $365 million program to drill 14 wells. Production from the project is expected to reach as much as 600 million cubic feet a day, according to the statement.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.