ADNOC Gas Approves $5 Billion for First Phase of Rich Gas Project
(P&GJ) — ADNOC Gas has made a final investment decision and awarded $5 billion in engineering contracts for the first phase of its Rich Gas Development (RGD) project, the largest capital investment in the company’s history.
The phase one contracts include major upgrades to four ADNOC Gas sites — Asab, Buhasa, Habshan, and the offshore Das Island liquefaction facility — with the goal of boosting throughput and efficiency. Two more investment decisions are expected in future phases, covering expansion at Habshan and Ruwais.
The RGD project aims to tap new gas reservoirs to support the UAE’s energy self-sufficiency, increase liquid gas exports, and supply feedstock to its petrochemical sector.
EPCM contracts were awarded in three tranches. Wood received a $2.8 billion contract for Habshan. A $1.2 billion contract for Das Island and a $1.1 billion contract for Asab and Buhasa were awarded to two consortia: Petrofac and Kent Plc.
“The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in ADNOC Gas’ strategy to deliver +40% EBITDA growth between 2023 and 2029,” said CEO Fatema Al Nuaimi. “This strategic investment is expected to deliver significant new value for our shareholders and enable continued sustainable growth for the company, our employees, and the UAE.”
ADNOC Gas said the RGD project will also contribute to In-Country Value (ICV) through the creation of hundreds of new technical positions by 2029.
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