ABU DHABI, 10th January, 2023 (WAM) — Abu Dhabi National Oil Company (ADNOC) has announced the formation of ADNOC Gas, effective 1st January 2023, its new world-scale gas processing, operations and marketing company.
The flagship company combines the operations, maintenance and marketing of the ADNOC Gas Processing and ADNOC LNG businesses into one global and market-leading consolidated business.
As ADNOC grows its gas production and processing capacity, the combined scale and capabilities of ADNOC Gas will maximise value and create new opportunities for ADNOC, its partners and the UAE.
As a leading global player with capacity of ~10 billion standard cubic feet of gas per day (scfd), ADNOC Gas will serve a wider range of domestic and international customers with an expanding portfolio of gas products.
Natural gas is a lower-carbon fuel and will play a vital role in a responsible energy transition. Demand for natural gas is expected to increase steadily over the coming decades with global gas demand driven by industrial and manufacturing growth and the replacement of more carbon intensive fuels, such as coal, in international markets. The UAE and ADNOC are well-placed to take advantage of this opportunity, given its significant gas reserves, a strong heritage of successfully developing gas projects and a proven track-record as a reliable energy supplier.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), said, “The formation of ADNOC Gas represents another major milestone in unlocking the full value of the UAE’s vast natural gas resources and builds on ADNOC’s more than 40 years’ experience as a leading gas producer. Natural gas will 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. In addition to enabling the growth of local industry and manufacturing, ADNOC Gas will play a critical role in delivering ADNOC’s broader LNG expansion plans, including in international markets.
“For our customers, ADNOC Gas will continue to be a reliable provider of LNG, LPG and associated products. Led by a seasoned and highly-qualified senior management team, with unrivalled experience in the sector, this new flagship and world-scale company will strengthen our position as a responsible and sustainable energy leader in an evolving global energy landscape.”
Ahmed Mohamed Alebri has been appointed as Chief Executive Officer (Acting) of ADNOC Gas, Peter Van Driel as Chief Financial Officer, and Mohamed Al Hashemi as Chief Operating Officer.
Alebri is the former CEO (Acting) of ADNOC Gas Processing and General Manager (Acting) of ADNOC Industrial Gases. With an ADNOC career spanning more than 18 years, he has held various senior management positions and has led the delivery of multi-billion dollar gas expansion programs.
Peter Van Driel is a 28-year veteran of Shell, where he served in various key roles in Accounting, Investor Relations, M&A and Finance and Mohamed Al Hashemi is the former SVP of Production Planning & Transmission at ADNOC Gas Processing, where he previously held several leadership posts covering the full spectrum of Site Operations, Maintenance and Supply with an emphasis on HSE & Asset Integrity.
The consolidated ADNOC Gas business is expected to unlock significant financial and operational opportunities. The new company will be more agile, better able to respond to changing market demands, and well-positioned to take advantage of strategic opportunities for future growth. This includes the delivery of critical capital growth projects that will increase the company’s gas processing capabilities and its intended growth in LNG.
As one the world’s leading gas companies ADNOC Gas will operate eight processing sites both onshore and offshore with a pipeline network of over 3,250km.
As announced in November 2022, ADNOC intends to proceed with an initial public offering (IPO) of a minority stake in ADNOC Gas on the Abu Dhabi Securities Exchange (ADX) during the course of 2023, subject to applicable regulatory approvals.
The company will make further announcement in relation to the intended IPO in due course.
Existing Joint Venture (JV) partners to ADNOC LNG (Mitsui & Co, bp and TotalEnergies) and ADNOC Gas Processing (Shell, TotalEnergies and PTTEP) will continue in their respective JV partnerships with ADNOC Gas.