The Abu Dhabi National Oil Company (ADNOC) announced the establishment of (ADNOC Gas), a global natural gas processing and marketing company that will start operating in early January 2023.
(ADNOC Gas) will assume responsibility for the operations, maintenance and marketing of the two companies ADNOC Gas Processing and ADNOC LNG, according to a statement by ADNOC on the results of the annual meeting of its board of directors, yesterday, Monday.
The ADNOC Board of Directors, headed by His Highness Sheikh Mohammed bin Zayed, President of the Emirates, directed the company to carry out an initial public offering of a minority stake in the new company during 2023, subject to obtaining the approvals of the relevant regulatory authorities.
ADNOC Gas will result from the merger of the operations of ADNOC Gas Processing and ADNOC LNG. The new company will be one of the largest gas processing companies in the world with a processing capacity of more than 10 billion standard cubic feet per day.
ADNOC Gas will operate 8 gas processing sites in onshore and offshore fields, in addition to a pipeline network extending to more than 3,250 km.
ADNOC's plans to accelerate the implementation of the goal of increasing its production capacity of crude oil are based on the UAE's reserves of hydrocarbon resources, which amounted - after increasing this year - about 113 billion barrels of oil and 290 trillion standard cubic feet of natural gas.
The UAE's oil reserves are the sixth largest in the world, while it has the seventh largest natural gas reserves in the world.