ADNOC advances $6.2 billion Umm Shaif gas cap project, betting on long-term natural gas demand, production expected in 2030

(1) Abu Dhabi National Oil Company (ADNOC) announced that it will continue to advance the $6.2 billion Umm Shaif Gas Cap development project. Despite the current Middle East conflict highlighting supply vulnerabilities, the company remains optimistic about the long-term prospects for natural gas demand.(2) The project is expected to develop natural gas and related products equivalent to nearly 10% of the United Arab Emirates' total natural gas consumption, with plans to commence official production in 2030.(3) TotalEnergies from France, Eni Group from Italy, and China National Petroleum Corporation are all partners in this project.