Abu Dhabi, UAE — ADNOC Gas announced Tuesday it has made a final investment decision on the first phase of its landmark Rich Gas Development (RGD) Project, awarding $5 billion in contracts to kickstart its largest-ever capital investment.
The massive project is central to the UAE’s strategy to boost liquid gas exports, enhance national gas self-sufficiency, and supply essential feedstock to the country’s expanding petrochemical industry. The first phase will focus on expanding and optimizing processing units across four key ADNOC Gas facilities: the onshore sites at Asab, Buhasa, and Habshan, and the offshore Das Island liquefaction facility.
The $5 billion in Engineering, Procurement, and Construction Management (EPCM) contracts for this initial phase have been awarded in three parts. UK-based firm Wood secured the largest tranche, valued at $2.8 billion, for work at the Habshan facility. The remaining contracts were awarded to two separate consortia: Petrofac will lead a $1.2 billion project for the Das Island facility, while Kent Plc will manage a $1.1 billion project covering the Asab and Buhasa sites.
Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, framed the investment as a pivotal moment in the company’s growth strategy.
“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,” Al Nuaimi stated. “This strategic investment is expected to deliver significant new value for our shareholders and enable continued sustainable growth for the company, our employees, and the UAE.”
The company confirmed it plans to approve two additional phases of the RGD project at its Habshan and Ruwais locations to further increase production capacity.
In line with the UAE’s economic objectives, the project is also designed to significantly boost In-Country Value (ICV), with plans to create hundreds of new field-based technical positions by 2029.
