Abu Dhabi – Mubasher: ADNOC Gas has awarded $5 billion in contracts for the first phase of its Rich Gas Development (RGD) project, according to a press release.

The contracts aim to boost operational efficiency across four ADNOC Gas facilities: Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore).

The company seeks to take final investment decisions (FIDs) on two additional phases of the project at Habshan and Ruwais to enable the delivery of greater production capacity to meet increasing market demands.

The RGD project will enable the development of new gas reservoirs to expand liquid gas exports, backing gas self-sufficiency in the UAE.

Meanwhile, the contracts have been awarded in three tranches for phase 1, with the first tranche granted to Wood for the Habshan facility at a value of $2.80 billion.

The remaining two tranches have been awarded to Petrofac and Kent Plc. This covers a $1.20 billion deal for the Das Island liquefaction facility and $1.10 billion for the Asab and Buhasa facilities.

Fatema Al Nuaimi, CEO of ADNOC Gas, said: “The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in ADNOC Gas’ strategy to deliver +40% EBITDA growth between 2023 and 2029.”

The project  aligns with the company’s objectives to deliver important growth initiatives between 2025 and 2029.  

In the first quarter (Q1) of 2025, the ADX-listed group logged net income valued at $1.26 billion, which marked a 7% year-on-year (YoY) growth from $1.18 billion.