ReutersAbu Dhabi: The United Arab Emirates' state oil giant ADNOC is to invest $6.2 billion in an Abu Dhabi natural gas development project, the firm announced on Tuesday.
In a statement, ADNOC said it took the $6.2 billion final investment decision to develop the offshore Umm Shaif Gas Cap with France's TotalEnergies, Italy's Eni and China National Petroleum Corporation.
Read more: UAE oil giant ADNOC pledges $55 billion in new projects by 2028: statement
The investment is expected to produce more than 600 million standard cubic feet of gas per day from 2030, alongside associated gas liquids, the company said.
"ADNOC is accelerating its integrated gas strategy to further harness the UAE's vast gas resources," industry minister Sultan Ahmed Al Jaber said.
The move would also expand the UAE's "LNG platform, as global demand for natural gas continues to rise", added Al Jaber, who is also the ADNOC group's chief executive.
Read more: ADNOC trading chief Philippe Khoury flags August as tipping point for oil prices if Iran war supply crisis persists
The investment comes as hydrocarbon-rich Gulf nations face challenges in boosting their output following Iranian attacks and the closure of the Strait of Hormuz, a vital waterway for energy exports.
In May the UAE announced its main gas-processing complex, the Habshan site in the capital Abu Dhabi, would not return to full capacity until next year, after it was targeted in the Middle East war.
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In a statement, ADNOC said it took the $6.2 billion final investment decision to develop the offshore Umm Shaif Gas Cap with France's TotalEnergies, Italy's Eni and China National Petroleum Corporation.
Read more: UAE oil giant ADNOC pledges $55 billion in new projects by 2028: statement
The investment is expected to produce more than 600 million standard cubic feet of gas per day from 2030, alongside associated gas liquids, the company said.
"ADNOC is accelerating its integrated gas strategy to further harness the UAE's vast gas resources," industry minister Sultan Ahmed Al Jaber said.
The move would also expand the UAE's "LNG platform, as global demand for natural gas continues to rise", added Al Jaber, who is also the ADNOC group's chief executive.
Read more: ADNOC trading chief Philippe Khoury flags August as tipping point for oil prices if Iran war supply crisis persists
The investment comes as hydrocarbon-rich Gulf nations face challenges in boosting their output following Iranian attacks and the closure of the Strait of Hormuz, a vital waterway for energy exports.
In May the UAE announced its main gas-processing complex, the Habshan site in the capital Abu Dhabi, would not return to full capacity until next year, after it was targeted in the Middle East war.
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