ADNOC boosts LNG investments globally

Moreover, ADNOC is investing in the LNG sector in Mozambique with the acquisition of Galp’s 10% interest in the Area 4 concession of the Rovuma basin in Mozambique, marking a major milestone in the company’s international growth strategy. The Area 4 concession includes the operational Coral South Floating LNG (FLNG) facility, the planned Coral North FLNG development and the planned Rovuma LNG onshore facilities.

The Mozambique LNG project, led by TotalEnergies, is expected to significantly contribute to global LNG supply once operational.

The Coral South development, currently in operation, is capable of producing up to 3.5 mta of LNG, and represents the first facility of its kind in Africa. The proposed Coral North development is expected to produce a further 3.5 mta of LNG through an FLNG facility to process and liquefy natural gas for export.

"The Mozambique LNG investment underscores our commitment to expanding our global energy footprint and supporting the development of new energy sources," Dr Al Jaber remarked.

ADNOC is also expanding its crude oil upstream operations, having awarded contracts worth US$1.8Bn to boost production capacity from its onshore and offshore fields. These contracts are part of ADNOC’s broader strategy to increase its crude oil production capacity to 5M barrels per day (b/d) by 2030.

ADNOC feels this expansion is crucial for meeting the growing global energy demand and enhancing energy security. "These strategic investments in our upstream capabilities are designed to ensure we continue to meet the world’s energy needs efficiently and sustainably," said Dr Al Jaber.

ADNOC is also making significant strides in the digital transformation of its operations, leveraging advanced analytics, artificial intelligence and blockchain technology to enhance operational efficiency and transparency. These technologies are expected to optimise production processes, reduce costs and improve decision-making.

"By embracing digital innovation, we are positioning ADNOC at the forefront of the energy sector’s transformation, driving value and efficiency across our operations," said ADNOC executive director of people, technology, and corporate support Abdulmunim Saif Al Kindy.

ADNOC has also announced a decision to advance its low-carbon solutions by investing heavily in carbon capture, utilisation, and storage (CCUS) technology. This investment aligns with global efforts to reduce greenhouse gas emissions and reflects ADNOC’s proactive approach to environmental stewardship.

Dr Al Jaber said, "Our enhanced focus on CCUS technology demonstrates our commitment to reducing the carbon intensity of our operations and supporting the UAE’s climate action agenda."

The latest developments in LNG will be discussed at Riviera’s LNG Shipping & Terminals Conference which will take place in London 12-13 November 2024. Register your interest here.