Thursday, June 20, 2024
28 C
Brunei Town

Abu Dhabi’s ADNOC announces a new offshore gas find

DUBAI, UNITED ARAB EMIRATES (AP) – Abu Dhabi’s state-owned oil and gas company announced yesterday the discovery of between 1.5 to two trillion standard cubic feet of raw gas in an offshore area located in the emirate’s northwest.

The discovery comes as Gulf Arab states continue to rely heavily on profits from oil and gas exports, despite rising global temperatures and climate change from burning fossil fuels. The United Arab Emirates (UAE), where Abu Dhabi is capital, was the first Gulf Arab state last year to join other countries around the world in pledging “net-zero” emissions targets within its borders – while maintaining fossil fuel exports abroad.

The Abu Dhabi National Oil Company (ADNOC) said the discovery came about in partnership with a consortium led by Italy’s Eni and Thailand’s PTT Exploration and Production Company Limited, which were awarded concession rights in the area.

The 2019 agreement saw Eni and PTTEP vowing to invest USD230 million to explore for oil and gas and appraise existing discoveries in two blocks spanning a total of 8,000 square kilometres. For their natural gas discovery, the companies relied in part on insights from a massive 3D seismic survey underway in Abu Dhabi, according to ADNOC.

ADNOC Managing Director and Chief Executive officer Sultan Ahmed al-Jaber hailed the discovery. He said it speaks to the company’s commitment to partnerships that help Abu Dhabi explore and develop its untapped hydrocarbon resources.