Authored by Tsvetana Paraskova via OilPrice.com,
Abu Dhabi’s national oil company ADNOC just announced a $6.2 billion final investment decision to develop the Umm Shaif Gas Cap project in Abu Dhabi as part of its strategy to grow its global gas portfolio.
ADNOC will develop the project alongside its international partners - France’s TotalEnergies, Italy’s Eni, and China National Petroleum Corporation (CNPC).
The final investment decision (FID) includes three engineering, procurement, and construction (EPC) packages totaling $5.1 billion for large-scale offshore infrastructure awarded by ADNOC to consortiums including major UAE and international contractors. The development also includes a $365 million 14-well drilling and integrated drilling services program to be delivered by ADNOC Drilling over 18 months using three existing rigs.
The green light for the development of Umm Shaif Gas Cap follows last month’s agreement in which ADNOC let BP and TotalEnergies take 10% each in the consortium developing one of Abu Dhabi’s largest gas fields—the Bab Gas Cap project in Abu Dhabi.
The Bab Cap Gas concession is expected to support UAE’s plan to become gas self
