ADNOC says it will invest $6.2 billion in Abu Dhabi gas project

The United Arab Emirates' state oil company ADNOC said it will invest $6.2 billion in an Abu Dhabi natural gas development project.

ADNOC said it had taken the final investment decision to develop the offshore Umm Shaif Gas Cap with France's TotalEnergies, Italy's Eni and China National Petroleum Corporation.

The company said the project is expected to produce more than 600 million standard cubic feet of gas per day from 2030, along with associated gas liquids.

Industry minister Sultan Ahmed Al Jaber, who is also ADNOC group chief executive, said the company was accelerating its integrated gas strategy to make further use of the UAE's gas resources. He said the move would also expand the UAE's liquefied natural gas platform as global demand for natural gas continues to rise.

The investment comes as hydrocarbon-rich Gulf countries face challenges in raising output after Iranian attacks and the closure of the Strait of Hormuz, a key waterway for energy exports.

In May, the UAE said its main gas-processing complex, the Habshan site in Abu Dhabi, would not return to full capacity until next year after it was targeted in the Middle East war.