High oil prices allow Adnoc to increase spending on major expansions
Adnoc focuses on gas for expansion drive
The Emirati giant is keen to reinforce its status as a net gas exporter while remaining cost-conscious even as it splashes its oil windfall
Adnoc remains committed to capital discipline despite sustained high oil prices, with recent decisions to relocate a planned LNG terminal and to re-tender contracts for an offshore development showing a desire to keep down costs while focusing its expansion plans on gas. In a press release in early May, the Emirati state-owned firm announced the new liquefaction terminal, which had been planned for eastern oil port of Fujairah, would instead be built at Ruwais, the existing gas processing and downstream hub in western Abu Dhabi. Days before, prospective bidders were informed of a third re-tender of the main contracts on the Hail/Ghasha offshore sour gas development project—the largest and co
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