Abu Dhabi National Oil Company has finalised its investment for another mega gas project designed to power more than 300,000 homes and boost its sustainability agenda.
The Sarb deep gas development, an offshore project about 120km off the coast of Abu Dhabi, will deliver 200 million standard cubic feet per day of gas before the end of the decade, Adnoc said on Wednesday. The company did not disclose the value of the investment.
The project is within the scope of the Ghasha concession, a key pillar of Adnoc's integrated gas strategy that includes Hail and Ghasha, the world’s first gas development aiming to operate with net-zero emissions. Ghasha is expected to produce more than 1.8 billion cubic feet of gas a day by the end of the decade.
Adnoc awarded contracts for Ghasha and Hail worth nearly $17 billion in 2023 and raised another $11 billion for them last month.
Sarb will be run remotely from Arzanah Island, about 180km north-west of Abu Dhabi, using advanced technology such as artificial intelligence.
Sarb will support the UAE's self-sufficiency in gas and strengthen the country's role as a "reliable exporter", said Musabbeh Al Kaabi, chief executive of Adnoc's upstream unit.
"This strategic project reinforces the progress we are making to fully unlock Abu Dhabi’s world-class gas resources," he said. "The development maximises synergies across Adnoc's offshore infrastructure, unlocking efficiencies and value.”
Adnoc, at the forefront of the UAE's energy and industrial revolution, continues to boost its operations as it helps the country's energy sector achieve sustainability and self-sufficiency.
The company has also bolstered its international footprint with key moves to upgrade its assets. In December, Adnoc's global energy investment arm XRG secured a 95.1 per cent stake in German chemicals company Covestro, in what is the UAE state energy company's biggest acquisition.
Also last month, Adnoc secured $2 billion in green financing, backed by South Korea’s export credit agency, to fund lower-carbon projects across its operations as it seeks to reduce its emissions.
Adnoc has also unveiled a $150 billion spending plan through to 2030, which it calls a “big commitment”, to maintain growth and operational processes. Analysts have said that the company's focus on gas is a safe play for the short and long term.
