Dubai: Abu Dhabi National Oil Company (Adnoc) said on Monday it is exploring a potential $20-billion (Dh73.46 billion) investment to develop gas fields the Hail, Ghasha, Delma, Nasr, and Shuwaihat fields, which could produce 1.2 billion standard cubic feet per day (bscfd) of gas.
In a statement, Adnoc said it will exploit various natural gas sources including tapping into gas caps and undeveloped deep and sour gas reserves. The plans are part of a broader initiative by Adnoc that includes selling minority stakes in some of its services businesses through an initial public offering (IPO) and seeking partnerships to capitalise on new growth opportunities.
In the gas business, Adnoc will also increase production from its Shah field to 1.5 bscfd, and explore new avenues of developing the sour gas fields of Bab and Buhasa.
In the downstream business, Adnoc said it is aiming to stretch the margin of each refined barrel of oil and expand petrochemical production from 4.5 to 11.4 metric tonnes per annum by 2025. The company will also develop new products to meet growing demand and increase refining capacity to create new revenue streams.