Updated 14 sec ago
November 18, 2021 12:25
RIYADH: The UAE will start awarding contracts for $20 billion of natural-gas projects in the coming days, as it seeks to boost exports of the fuel, Bloomberg reported.
Abu Dhabi National Oil Co. (ADNOC) will announce engineering and construction deals for the Dalma gas field in Persian Gulf waters as soon as this week, according to people familiar with the matter. The gas is meant to start flowing by about 2025, they said.
UAE is OPEC’s third-biggest oil producer. Dalma will help it to become self-sufficient in gas by 2030 and the country will export some surplus supplies as liquefied natural gas, ADNOC CEO Sultan al Jaber said on Monday.
Adnoc is among several major state oil companies increasing production of gas as consumers look to switch from crude and coal.
The company launched a new venture with Abu Dhabi National Energy Company (TAQA), to create a powerhouse with capacity of at least 30 GW of renewable energy by 2030, according to the company’s statement on Wednesday.