Abu Dhabi approves $6.2 billion gas project to boost UAE supply
Abu Dhabi's National Oil Company (ADNOC) has approved a $6.2 billion investment to develop the Umm Shaif Gas Cap, an offshore oil and gas field, in partnership with TotalEnergies, Eni, and China National Petroleum Corporation. The project is expected to add over 600 million cubic feet per day of natural gas production by 2030, equivalent to nearly 10% of the UAE's current daily gas consumption. The development is part of ADNOC's integrated gas strategy to expand domestic supply and LNG exports, targeting 47 million metric tons of LNG capacity per annum by 2035. The investment gains urgency due to ongoing disruptions in the Strait of Hormuz, which has effectively closed to major producers like Qatar, and the expiration of a UAE gas import deal with Qatar in 2032. The UAE, which left OPEC earlier this year, also aims to boost oil production to over 5 million barrels per day by next year.
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