In The Spotlight
ADNOC Gas has awarded US$5bn in contracts for the first phase of its Rich Gas Development (RGD) Project, its largest-ever capital investment
The contracts involve expanding key processing units to increase throughput and improve operational efficiency across the onshore Asab, Buhasa and Habshan facilities and the offshore Das Island liquefaction facility. The company intends to take FIDs on two additional phases of the RGD project at Habshan and Ruwais to boost production capacity to meet growing market demands.
The RGD project will enable the development of new gas reservoirs, which are key to boosting liquid gas exports, supporting gas self-sufficiency in the UAE, and providing essential feedstock to the country’s growing petrochemical industry. Phase 1 of the RGD project focuses on optimising and debottlenecking existing gas assets while unlocking new and valuable gas streams.
New contracts
EPCM contracts awarded for Phase 1 consist of a US$2.8bn contract awarded to Wood for the Habshan facility, one of the largest gas processing facilities in the world, US$1.2bn to Petrofac for the Das Island liquefaction facility and US$1.1bn to Kent plc for the Asab and Buhasa facilities.
At the Das Island liquefaction facility, Petrofac will provide EPCM services and oversee procurement and construction contracts to build a new inlet facility, two new gas dehydration and compression trains, each with a capacity of 420 million standard cubic feet per day (MMSCFD), and associated infrastructure. Petrofac will also upgrade existing facilities to increase the site’s capacity for collecting and transporting raw natural gas. These upgrades will significantly increase gas processing capacity to meet rising customer demand.
Located 160 km north-west of mainland UAE, the Das Island facility has been operational since 1977, and is the third longest LNG operation still in production globally. With a liquefaction capacity of six million metric tons per annum (MMtpa), it remains a key component of the nation’s LNG export strategy.
Wood’s EPCM package for the long-term gas processing facilities at the UAE’s Habshan facility includes the delivery of substantial upgrades and debottlenecking solutions to the existing Habshan and Habshan 5 gas processing mega-complexes and pipelines, including brownfield modifications and the installation of new facilities. Habshan is one of the largest gas process complexes in the world.
Ken Gilmartin, CEO at Wood, said: “ADNOC Gas’ RGD programme is pivotal to the UAE’s energy security strategy and broader economy. We’re proud to be at the heart of such a significant initiative.
“Wood gained extensive knowledge of Habshan delivering the front-end engineering design and we will deliver the EPCM phase while the facilities remain fully operational in order to sustain critical gas supply.”
Fatema Al Nuaimi, chief executive officer 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. 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.”
Global upstream oil investment is set to fall this year for the first time since the Covid slump in 2020, with upstream oil and gas spending gravitating to the Middle East, according to the 2025 edition of the IEA’s annual World Energy Investment report
The forecast 6% drop, the steepest since 2016, is driven mainly by a sharp decline in spending on US tight oil, and reflects lower oil prices and demand expectations. Upstream natural gas spending is set to maintain the levels seen in 2024. Together, upstream oil and gas investment for 2025 is forecast at less than US$570bn, a decline of around 4%. Of this, 40% is dedicated to slowing down production declines at existing fields. Global refinery investment in 2025 is set to fall to its lowest level in the past 10 years.
In contrast, investment in new LNG facilities is on the rise, with new projects in the USA, Qatar, Canada and elsewhere set to come online. Between 2026 and 2028, the global LNG market is set to experience its largest ever capacity growth, with the USA set to nearly double its export capacity.
Global spending on upstream oil and gas is gravitating to the Middle East, the report finds, which is set to invest around US$130bn in oil and gas supply in 2025, around 15% of the global total. The region accounts for around 30% of global oil production and 17% of global natural gas production.
Saudi Arabia’s upstream oil and gas investment is the highest in the Middle East, and is set to reach US$40bn in 2025, nearly 15% higher than in 2015. In Qatar, domestic investment has ramped up sevenfold since 2015 with the accelerated development of the huge North Field, while foreign investment has quadrupled in the same period.
Global capital flows to the energy sector are is set to rise in 2025 to a record US$3.3 trillion, a 2% rise in real terms on 2024, despite headwinds from elevated geopolitical tensions and economic uncertainty, with clean energy technologies attracting twice as much capital as fossil fuels. Around US$2.2 trillion is forecast to be invested in renewables, nuclear, grids, storage, low-emissions fuels, efficiency and electrification, twice as much as the US$1.1 trillion going to oil, natural gas and coal.
This investment in clean technologies reflects not only efforts to reduce emissions but also the growing influence of industrial policy, energy security concerns and the cost competitiveness of electricity-based solutions, according to the report.
“Amid the geopolitical and economic uncertainties that are clouding the outlook for the energy world, we see energy security coming through as a key driver of the growth in global investment this year to a record US$3.3 trillion as countries and companies seek to insulate themselves from a wide range of risks,” said IEA Executive director Fatih Birol. “The fast-evolving economic and trade picture means that some investors are adopting a wait-and-see approach to new energy project approvals, but in most areas we have yet to see significant implications for existing projects.”
Also highlighted in the report is the dominance of China as the single largest investor in energy, with its share of global clean energy spending rising from a quarter to almost a third. “When the IEA published the first ever edition of its World Energy Investment report nearly ten years ago, it showed energy investment in China in 2015 just edging ahead of that of the United States,” Dr Birol added. “Today, China is by far the largest energy investor globally, spending twice as much on energy as the European Union – and almost as much as the EU and United States combined.”
The report also underlines the rise in electricity investments and the doubling of global spending on low-emissions power generation, led by solar PV, with investment in solar expected to reach US$450bn this year, making it the single largest global energy investment item. Battery storage investments are also climbing rapidly. Investment in grids, however, currently standing at US$400bn per year is failing to keep pace with spending on generation and electrification, with obstacles being lengthy permitting procedures and tight supply chains for transformers and cables.
Spending patterns remain very uneven globally – with many developing economies, especially in Africa, struggling to mobilise capital for energy infrastructure, the report finds. Today, Africa accounts for just 2% of global clean energy investment. Total energy investment across the continent has fallen by a third over the past decade due to declining fossil fuel spending and insufficient growth in clean energy. To close the financing gap in African countries and other emerging and developing economies, international public finance needs to be scaled up and used strategically to bring in larger volumes of private capital, according to the report.
Getech Group plc, a leading locator of subsurface energy and mineral resources, and STRYDE, the onshore nodal seismic imaging experts, have successfully deployed their new targeting and exploration service on a number of oil and gas and geothermal exploration projects in the Middle East
Designed to help energy and natural resource companies explore faster and more effectively, while reducing exploration risk and cost, the new service provides subsurface intelligence that reduces uncertainty and guides smarter, more targeted exploration investment. It enables companies to conduct early screening and identification of high value leads and prospects, to optimise new seismic survey design, and to reduce unnecessary seismic acquisition costs by focusing only where it matters most.
On a recent regional and multiphase client project in the Middle East, Getech analysed gravity and magnetic data to map subsurface density and susceptibility contrasts, providing critical insight into the depth and extent of the petroleum system and helping pinpoint areas with the highest prospectivity. Enhanced gravity and magnetic maps, a structural interpretation, reinterpretation of legacy seismic data, detailed lead descriptions, and a comprehensive lead summary map were provided. Based on these findings, a targeted 3D seismic acquisition campaign was recommended in high-value zones. STRYDE then designed and planned the seismic programme to ensure an efficient acquisition process focused precisely where new data will deliver the greatest impact for decision-making.
“The market has long lacked a streamlined, data-driven service that connects early lead identification to the delivery of direct targets,” said Max Brouwers, chief business development officer at Getech. “We are thrilled to collaborate with another industry leader to bring this unique solution to market. Our partnership with STRYDE combines Getech’s expertise in basin evaluation and geoscience intelligence with STRYDE’s specialism in nodal seismic acquisition for high-resolution subsurface imaging, creating a powerful service that accelerates the discovery process for energy and mineral companies. By integrating multiple geophysical datasets with expert interpretation, this new service empowers customers to target smarter, spend less, and discover more.”
The new offering is now available to clients across sectors including oil and gas, CCUS, natural hydrogen, geothermal, and mining.
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Libya's latest bid round has attracted international investor interest. (Image source: Energy Capital & Power)
Libya’s latest upstream licensing round has already attracted more than 40 bids, according to Abdolkabir Alfakhry, Advisor to Libya’s Minister of Oil and Gas, signalling growing international interest in its largely untapped hydrocarbon potential
The bid round, launched in March, offers 22 blocks for exploration and development (11 Offshore and 11 Onshore) including areas with undeveloped discoveries estimated to contain a minimum of 2.0 Bboe in hydrocarbon resources.
The Minister, who was addressing a session sponsored by ConocoPhillips at the Invest in African Energy Forum in Paris, noted that results of the bid round are expected around November. “This will open a new environment for international companies to work in Libya.”
Libya’s assets are underexplored, particularly offshore, Alfakhry said, pointing to the country’s strategic location on the Mediterranean and its proximity to European markets as key competitive advantages.
“The bid round signals Libya’s integration into the global energy market,” he said.
Steiner Våge, president for Europe, the Middle East and Africa at ConocoPhillips, confirmed the U.S. major’s intention to deepen its engagement in Libya and across the African continent.
“Libya is a place where we can work – over the last few years, we’ve significantly increased production at the Waha concession,” said Vaage. “We want to see Libya prosper. We’d also like to transfer our knowledge, and we want to work with partners that have similar objectives – that is the starting point.”
At Libya Energy & Economic Summit 2025 earlier this year, Bashir Garea, technical advisor to the chairman of the NOC, highlighted the country’s immense oil and gas potential.
“We have 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore,” he said, adding that Libya also has 122 trillion cubic feet of gas yet to be developed. “To unlock this potential, we need more investors and new technology, particularly for brownfield revitalisation.”
Oil majors including Eni Repsol, bp and OMV have recommenced exploration in Libya in recent months following a 10-year hiatus. However the recent eruption of violent clashes in Tripoli following the assassination of a powerful militia leader, shows that the current security situation is far from stable.
A number of top executives from the oil and gas industry have addressed the impact of the recent strikes conducted by Israel on Iranian territory, which was followed by a number of retaliatory strikes from Iran.
Shell CEO Wael Sawan spoke to CNBC a few weeks ago, stating that “The last 96 hours have been very concerning … both for the region but more broadly in terms of where the global energy system is going given the uncertainty and the backdrop that we see right now and the geopolitical volatility.”
Patrick Pouyanné, CEO of TotalEnergies expressed concerns about the safety of regional employees and the broader implications for global markets if oil installations are targeted. He noted TotalEnergies' significant operations in Iraq, Abu Dhabi, Qatar, and Saudi Arabia, emphasising the hope that further strikes would avoid oil infrastructure to prevent safety hazards and market disruptions.
Meanwhile, Amjad Bseisu, CEO of UK-based EnQuest, hoped that the conflict would be resolved quickly.
“It’s almost like every day we see something different but obviously this war between Israel and Iran is another step up,” Bseisu told CNBC.
“The quicker we can come to an end of this terrible conflict, the better for overall markets but I do think that the market is well supplied in the short to medium term.”
More recently though, it seems that companies are still measuring the impact of US involvement in the conflict.
Following the US strikes on Iranian nuclear facilities on 22 June, comments from oil and gas company executives specifically addressing these strikes have been rather limited.
However, some relevant statements and industry perspectives have emerged, focusing on the broader implications for energy markets and supply chains.
According to Jorge Leon, head of geopolitical analysis at Rystad Energy and a former OPEC official, "An oil price jump is expected."
Speaking to Reuters, Leon said that "Even in the absence of immediate retaliation, markets are likely to price in a higher geopolitical risk premium."
SEB analyst Ole Hvalbye told Reuters that global oil benchmark Brent crude could gain US$3 to US$5 per barrel when markets open. Ole Hansen, analyst at Saxo Bank, predicted a similar jump, placing crude’s opening at US$4 to $5 dollars higher.
A more worrying aspect is the closure of the Strait of Hormuz (SoH). After the US strikes, Iran’s parliament voted to close this shipping route, which could severely affect the global oil and gas supply.
The SoH is the world’s most important oil chokepoint, handling about 20-30% of global seaborne oil trade (roughly 20 million barrels per day flow through this narrow strip).
Meanwhile, approximately 25% of the world’s LNG exports pass through this strait, majority of which is exported by Qatar.
Reuters reported that QatarEnergy had held talks with major energy companies last week. The report said that Saad Al Kaabi, who is QatarEnergy's CEO and Qatar's energy minister, urged companies to warn their respective governments (US and European countries) about this risk. These talks came after Israel struck an Iranian gas field, which it shares with Qatar.
GCC states monitoring the situation
Iranian officials, for their part, have assured that no radioactive matter was leaked following the US strikes, and that the region is safe from nuclear radiation.
The Saudi Nuclear and Radiological Regulatory Commission (NRRC) confirmed this, stating that no radiological effects were detected in Saudi Arabia or other GCC countries.
The UAE’s nuclear authority Federal Authority for Nuclear Regulation (FANR), along with the IAEA, Kuwait's nuclear authority, and the General Secretariat of the Gulf Cooperation Council, all published similar statements.
Qatar’s foreign ministry spokesman Majed al-Ansari told a news conference, "We are monitoring this on a daily basis."

ADNOC L&S will manage the transportation of up to 70% of Borouge's annual production. (Image source: ADNOC L&S)
Borouge Plc and ADNOC Logistics & Services Plc have partnered to boost the production and export of petrochemicals from the UAE, as Borouge prepares to ramp up production capacity
Borouge plans to increase production capacity by 1.4 million tonnes per annum by the end of 2026 through its Borouge 4 mega project, which will make it the world’s largest single-site polyolefin complex. The 15-year US$531mn service agreement, which will drive cost savings and efficiencies as well as enhancing Borouge’s supply chain network, covers port management, container handling, and feeder container ship services for the Borouge Container Terminal in Al Ruwais Industrial City, Abu Dhabi. ADNOC L&S will manage the transportation of up to 70% of Borouge’s annual production, deploying a minimum of two dedicated container feeder ships to transport Borouge’s products from Al Ruwais to the deepwater ports of Jebel Ali in Dubai and Khalifa Port in Abu Dhabi.
Hazeem Sultan Al Suwaidi, CEO of Borouge, commented, “This agreement builds on our longstanding collaboration with ADNOC L&S, a partnership that has been instrumental in meeting the evolving needs of our customers in high-growth markets. It brings significant benefits to Borouge; driving substantial operational cost savings and enhancing our Logistics Variable Cost (LVC), as well as complementing our existing rail operations and expanding the flexibility of our supply chain network. With the rapid increase in our production capacity, we are advancing our capabilities in delivering differentiated products and solutions efficiently, while keeping pace with rising global demand."
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, added, “This comprehensive container terminal agreement marks a major milestone in our successful partnership with Borouge, delivering on ADNOC L&S’ strategy to provide seamless, end-to-end logistics solutions that power the UAE’s industrial growth and export ambitions. By leveraging our extensive maritime and logistics expertise, we are ensuring that Borouge’s world-class petrochemical products reach global markets efficiently and competitively.”
Energy technology company, SLB has launched Sequestri carbon storage solutions for the most effective project delivery
Since long-term carbon storage demands a calculated approach, the new portfolio gives customised hardware and digital workflows for improved decision-making across the full carbon storage value chain, from site selection and planning to development, operations and monitoring.
“Advanced technology solutions have a crucial role to play in shifting the economics and safeguarding the integrity of carbon storage projects,” said Katherine Rojas, SLB’s senior vice president of Industrial Decarbonisation. “The Sequestri portfolio offers a comprehensive suite of solutions that provide the precision, reliability and efficiency needed to advance carbon storage projects at every stage of their lifecycle — driving meaningful progress toward industrial decarbonisation at scale.”
The Sequestri portfolio is anchored by a network of interconnected digital technologies and services for carbon storage that provide a robust foundation for analysis and prediction. These end-to-end digital technologies harness more than 25 years of carbon capture and storage (CCS) project experience to help developers screen, rank, design, model, simulate and analyse every phase of the project lifecycle. The portfolio also includes a range of technologies which have been specifically engineered and qualified for carbon storage applications, from subsurface safety valves and measurement tools to cementing systems, including SLB’s EverCRETE CO2-resistant cement system.
The Sequestri portfolio of carbon storage solutions, together with the SLB Capturi standard, modular carbon capture solutions, provide emitters and project developers with a full suite of complementary CCS solutions to enable decarbonisation at scale from point of capture to permanent carbon storage.
Oil Review Middle East hosted a very well-attended webinar on 20 November on the future of offshore operations, in association with SAFEEN Group, part of AD Ports Group
The webinar explored the latest trends and challenges in the rapidly evolving world of offshore operations, focusing on groundbreaking innovations that are driving sustainable and efficient practices. In particular, it highlighted SAFEEN Green – a revolutionary unmanned surface vessel (USV), setting new benchmarks for sustainable and efficient maritime operations.
Erik Tonne, MD and head of Market Analysis at Clarksons, gave an overview of the offshore market, highlighting that current oil price levels are supportive for offshore developments, and global offshore capex is increasing strongly. The Middle East region will see significant capex increase over the coming years, with the need for rigs and vessels likely to remain high. Offshore wind is also seeing increased spending. Global rig activity is growing, while the subsea EPC backlog has never been higher, with regional EPC contracts seeing very high activity. Tonne forecast that demand for subsea vessels and other support vessels will continue to increase.
Tareq Abdulla Al Marzooqi, CEO SAFEEN Subsea, AD Ports Group, introduced SAFEEN Subsea, a joint venture with NMDC, which offers reliable and innovative survey, subsea and offshore solutions to support major offshore and EPC projects across the region. He highlighted the company’s commitment to sustainability, internationalisation and local content, and how it is a hub for innovations and new ideas, taking conceptual designs and converting them to commercial projects. A key project is SAFEEN Green, which offers an optimised inspection and survey solution.
Tareq Al Marzooqi and Ronald J Kraft, CTO, Sovereign Global Solutions ME and RC Dock Engineering BV. outlined the benefits and capabilities of SAFEEN Green as compared with commercial vessels, in terms of safety, efficiency, profitability and sustainability. It is 30-40% more efficient through the use of advanced technologies, provides a safer working environment given it is operated 24/7 remotely from a control centre, and offers swappable payload capacity. Vessels are containerised and can be transported easily to other regions. In terms of fuel consumption, the vessel is environment-friendly and highly competitive, reducing emissions by 90% compared with conventional vessels, with the ability to operate on 100% biofuel.
As for future plans, SAFEEN Green 2.0 is under development, which will be capable of carrying two inspection work-class ROVs simultaneously. A priority will be to collect data to create functional AI models for vessels and operations, with the first agent-controlled payload systems in prospect by around 2027.
To view the webinar, go to https://alaincharles.zoom.us/rec/share/mNHjZhAhQzn1sPzmFWZCgrq7_SckfLRcSb4w81I7aVlokO9sgHM_zVeOqgN3DgJS.bO4OIRqNeFP09SPu?startTime=1732095689000
Carbon capture and storage capacity is forecast to quadruple by 2030, and the Middle East has ‘significant CCS ambition’, according to a new report from DNV
Cumulative investment in carbon capture and storage (CCS) is expected to reach US$80bn over the next five years, according to DNV’s Energy Transition Outlook: CCS to 2050 report.
Up to now, growth has been limited and largely associated with pilot projects, but a sharp increase in capacity in the project pipeline indicates that CCS is at a turning point. CCS will grow from 41 MtCO2/yr captured and stored today to 1,300 MtCO2/yr in 2050, which will be 6% of global emissions, DNV forecasts.
The immediate rise in capacity is being driven by short-term scale up in North America and Europe, with natural gas processing still the main application for the technology. Europe is moving projects forward amidst tightening emissions regulations and developers are advancing in the US, taking advantage of the established 45Q tax credit. Hard to abate industries such as steel and cement production are forecast to be the main driver of growth from 2030 onwards, accounting for 41% of annual CO2 captured by mid-century. Maritime onboard capture is expected to scale from the 2040s in parts of the global shipping fleet.
As the technologies mature and scale, the average costs will drop by an average of 40% by 2050.
Ditlev Engel, CEO, Energy Systems at DNV said “Carbon capture and storage technologies are a necessity for ensuring that CO2 emitted by fossil-fuel combustion is stopped from reaching the atmosphere and for keeping the goals of the Paris Agreement alive. DNV’s first Energy Transition Outlook: CCS to 2050 report clearly shows that we are at a turning point in the development of this crucial technology.
“The biggest barrier to the very much needed acceleration of CCS deployment is policy uncertainty. Policy shifts, not technology or costs, have been responsible for many CCS project failures. However, policy support for CCS is firming across most world regions.”
Recent turmoil and budgetary pressure in the global economy pose risks to CCS deployment, potentially shifting priorities and removing necessary finance needed.
Jamie Burrows, Global Segment Lead CCUS, Energy Systems at DNV said “CCS is entering a pivotal decade and the scale of ambition and investment must increase dramatically. It remains essential for hard-to-decarbonise sectors like cement, steel, chemicals, and maritime transport. But as DNV’s report shows, delays in reducing carbon dioxide emissions will place an even greater burden on carbon dioxide removal technologies. To stay within climate targets, we must accelerate the deployment of all carbon management solutions -from industrial capture to nature-based removal - starting today."
Middle East developments
DNV notes that the Middle East is home to three operational CCS projects and six under construction. Operating facilities include the Al Reyadah steel plant in the UAE, Qatar's Ras Laffan LNG Facility, and Saudi Arabia's Uthmaniyah gas processing plant.
The world’s largest CO2 utilisation facility, United Jubail Petrochemical, is also in Saudi Arabia. The facility converts 0.5 MtCO2/yr into feedstock for chemical processes.
The main focus of regional CCS development has evolved from EOR to decarbonising energy and the production of low-carbon fuels. The UAE's Long Term Strategy highlights CCS as crucial for industrial sector decarbonisation, targeting 43.5 MtCO2/yr capacity by 2050. ADNOC aims for 10 MtCO2/yr captured by 2030 and net-zero operations by 2045. ADNOC's Habshan and Ghasha Concession projects, each with capacity of 1.5 MtCO2/yr, are currently under construction.
Saudi Arabia aims to capture and store 44 MtCO2/ yr by 2035 and launched a domestic carbon crediting scheme in 2024. A CCS hub is under construction at Jubail, which will store 9 MtCO2/yr by 2027 from natural gas processing and industrial sources in an onshore saline aquifer.
Oman aims to utilise its pipeline infrastructure for hydrogen and CO2 transport in new CCS and EOR projects.
Direct air capture (DAC) projects are emerging in Saudi Arabia, the UAE, and Oman, often combined with CO2 mineralisation or sustainable aviation fuel production.