ADNOC Gas to invest over $13 billion in domestic, international oil and gas industry by 2029

April 01, 2024

(WO) – ADNOC Gas plc and its subsidiaries held its first Annual General Meeting (AGM) since its landmark initial public offering (IPO) in March 2023. During the AGM, Chaired by His Excellency Sultan Ahmed Al Jaber said, “Between 2024 and 2029, we plan to invest over $13 billion in domestic and international growth opportunities, with our predictable margin business expected to increase our EBITDA by up to 40% by 2029.

“In addition, we are looking to increase our LNG export volumes in a growing global market. Our aim is to acquire the new Ruwais LNG plant and more than double our LNG production capacity by 2028.”

Dr. Ahmed Alebri, Chief Executive Officer of ADNOC Gas, commented, “Our strong financial performance in 2023 underpins our confidence to expand our global footprint and explore new revenue streams that hold the potential to unlock additional value for shareholders.”

“We are planning to more than double our LNG production capacity by strategically acquiring the new Ruwais LNG plant. We aim to expand internationally by acquiring new positions in the gas value chain, targeting opportunities in Europe, India, China and South-East Asia if they add value to our business.”

ADNOC Gas is well-positioned to benefit from ADNOC’s planned expansion of oil production capacity to 5 MMbpd by 2027. In addition, ADNOC has announced its intention to take a final investment decision (FID) on the Ruwais LNG project in 2024, which ADNOC Gas plans to acquire.

In 2024, the company will focus on processing and delivering increased volumes of gas to its customers and enhancing its product mix to meet the growing global demand for lower-carbon solutions.

Through two of its ongoing strategic projects, the company will continue to expand its natural gas pipeline network and develop infrastructure to boost gas supply for its petrochemicals growth in Ruwais. All these projects will make a significant contribution to the UAE economy and expand ADNOC Gas’ capacity to meet increasing global gas demand.

In 2024, ADNOC Gas will continue enhancing operational efficiency and driving accelerated growth with a focus on decarbonization, digital transformation, and artificial intelligence (AI)-led technology innovation. The company’s achievements in 2023 included the deployment of AI technologies such as machine learning, computer vision, and hybrid modelling, aimed at enhancing cost efficiency and employee safety.

Notably, in September 2023, ADNOC Gas successfully completed a “proof of concept” pilot using advanced robotics for continuous monitoring and inspection of large facilities, resulting in improved equipment availability and enhanced employee safety.

These solutions have significantly boosted the company’s plant availability and output gains, resulting in the creation of up to $1 billion in value since 2016. ADNOC Gas aims to further leverage AI and other new technologies for improved cost efficiencies and reliability. Over the next five years, it expects to save up to $400 million annually and reap significant benefits.

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