Prime Highlights
- ADNOC Gas CEO called the project a defining moment, accelerating one of the world’s largest gas-processing growth programs.
- Total investment in the Rich Gas Development project now stands at $13.2 billion.
Key Facts
- ADNOC Gas is a UAE-based gas major and unit of Abu Dhabi National Oil Company.
- The company posted a Q2 net income of $665 million, above its earlier guidance range.
Background
Abu Dhabi National Oil Company said its unit ADNOC Gas has awarded engineering, procurement and construction contracts worth $8.2 billion for the next phase of its Rich Gas Development project at the Habshan complex in Abu Dhabi.
Wison Engineering, a Shanghai-based EPC services provider, received a $3.9 billion Phase 2 contract, while Tecnimont, a Maire company based in Milan, secured a $4.3 billion Phase 3 contract. These awards build on Phase 1, announced last year, which is expanding processing units to boost throughput and efficiency across multiple gas assets.
ADNOC Gas reported a net income of $665 million for the second quarter, above the upper end of its earlier guidance range, despite facing external disruptions during the period.
CEO Fatema Al Nuaimi called the development a defining moment for the company, saying the investment decision and contract awards for the project would accelerate one of the world’s largest gas-processing growth programs while expanding natural gas processing and export capacity.
Phase 2 will add a new gas processing train at Habshan, while Phase 3 will expand the natural gas liquids fractionation train at Ruwais to recover more high-value liquids for export. Combined with the $5 billion already committed to Phase 1, total investment in the project now stands at $13.2 billion.
ADNOC Gas said the project is part of four megaprojects, including Ruwais LNG and Estidama, expected to generate $13.4 billion in in-country value. The company plans to invest about $28 billion between 2026 and 2030 to support this growth.
