The Abu Dhabi National Oil Company (Adnoc) plans to invest $13 billion (£10.3bn) in "domestic and international growth opportunities" over the next five years through its gas and LNG arm, Adnoc Gas.
Emirati energy and utilities giant Taqa reported bumper profits for 2023 from its new stake in Adnoc Gas, but decline from North Sea assets prompted a 7% slide in production.
ADNOC Gas has awarded Petrofac a contract for engineering and construction of one of the region’s largest carbon capture, utilisation and storage (CCUS) schemes.
“This landmark project, is one of many tangible initiatives that Adnoc is delivering as we accelerate our decarbonisation plan to meet our Net Zero by 2045 ambition.”
The company said that more than 70% of contract value would go back into the UAE, under its in-country value (ICV) programme.
The offer runs until March 1. It covers around 4% of the shares in the company. It will raise $1.9 to 2 billion. The price values Adnoc Gas at $47 to 50.8bn.
The United Arab Emirates’ national oil company plans to raise $2 billion or more by listing its natural gas business in what could the largest initial public offering so far this year.
Alebri said the delivery “demonstrates how the UAE is continuing to work closely with our strategic partners in responsibly providing secure, sustainable and affordable energy supplies”.
Gas, he said, would be “a critical fuel in the energy transition and Adnoc Gas, through its world-scale operations and significant growth and expansion plans, will be well-positioned to meet both local and international gas demand”.
Adnoc has brought forwards its plans to reach 5 million barrels per day of production, while boosting reserves and setting out plans for an IPO of a new gas unit.