Chief Executive Officer of ADNOC Gas, Ahmed Al-Abri L CNBC Arabic:
- We aim to increase production by approx 3 billion standard cubic feet per day
- 400 $1 million, the cost of developing the Habshan 5 and Bu Hasa projects
- The company is in the process of developing several future projects even 2027
- We look forward to benefiting from ADNOC’s investment plans150 $ billion even 2027
- We have part of ADNOC’s investment. 15 $1 billion in sustainability
- Gas demand will grow25 % during 20 – 25 next year
In an exclusive interview with CNBC Arabia, the CEO of ADNOC Gas, Ahmed Al-Abri, expected gas demand to grow by about 25% over the next 20-25 years and to continue to be an essential source for industries globally and locally.
During the interview, Al-Abri indicated that his company plans for sustainable growth between 2023 and 2027 and aims to increase production by about 3 billion standard cubic feet per day, explaining that the expansion plans are studied with the global demand for gas.
It is noteworthy that the production capacity of ADNOC Gas currently amounts to about 10 billion cubic feet of gas, and the processing of liquids by about 29 million metric tons annually, of which about 6 million tons of liquefied natural gas is exported annually.
On a related note, the CEO of ADNOC Gas told CNBC Arabia that his company is in the process of developing several future projects until 2027 in order to raise operational efficiency based on employing artificial intelligence applications to rationalize maintenance costs, stating that the development cost of the Habshan 5 and Buhasa projects amounted to $400 million. .
Al-Abri added that his company intends to take advantage of ADNOC’s plans to invest $150 billion at the group level until 2027, with the aim of increasing production in the refining and production sector and accelerating the growth of energy resources in Abu Dhabi, noting that the increase in oil production will be reflected in the increase in associated gas and thus the volume of his company’s business. .
According to Al-Abri, ADNOC Gas is following the UAE’s plans to reach carbon neutrality in 2050, and it is also part of ADNOC’s $15 billion investment plans in sustainability.
It is worth noting that ADNOC Gas is the result of the merger of ADNOC Liquefied Gas and ADNOC Gas Processing. The company manages more than 95% of the UAE’s total gas reserves, based on managing a pipeline network to transport gas with more than 3,200 km.
The company, which was established on December 8, 2022, succeeded in exceeding the target value of the total order value by about 50 times, exceeding $124 billion, which prompted it to increase the percentage of offered shares from 4% to 5%.
The final offer price of shares in the offering was set at 2.37 dirhams per share, while the price range for public offering was set between 2.25 and 2.43 dirhams per share.
Based on the final offering price, the total offering size was approximately $2.5 billion, while the market value – at the time of acceptance of the listing – was estimated at approximately $50 billion.
According to its CEO, ADNOC Gas aims to raise operational efficiency through a single department, in addition to the presence of strategic investors in the company such as the Abu Dhabi Pension Fund, Alpha Wave Ventures 2, the Emirates Investment Authority, Al Alamiah Holding Company and TAQA Company.
It is noteworthy that the value of the targeted ADNOC Gas dividends will amount to $ 1.625 billion in the fourth quarter of 2023, and the same amount in the second quarter of 2024, according to the CEO.