US$18bn Hail & Ghasha project in October last year; and the US$5.5bn Ruwais LNG project in June this year. The projects are expected to contribute up to 22 Bcm of gas at their peak production. These gas developments also incorporate a clean energy component. For instance, the Hail & Ghasha project will capture 1.5mn tonnes of carbon dioxide, while the Ruwais LNG project will be designed to run on clean energy from renewables and the nuclear power grid, making it the first to do so in the Middle East and North Africa region. In a bid to become a net gas exporter, ADNOC has made substantial investments in international gas projects (see Figure 1). The company’s debut international investment was in the Absheron field in Azerbaijan, where it acquired 15% stakes from both Socar and TotalEnergies, bringing its share of the project to 30%. The buying spree continued with the company’s acquisition of an 11.7% stake in Rio Grande LNG in the US and, two days later, a 10% stake in Mozambique LNG. ADNOC also led a now-suspended deal along with bp to jointly acquire a 50% stake in NewMed Energy, a non-operating partner in the Leviathan gas field in Israel. Rystad Energy estimates that ADNOC’s combined working interest production from its fields will reach around 900mn cubic feet per day of gas in the next 10 years. Alternative energy sources At the same time, the region is placing equal emphasis on alternative energy sources. Solar power is emerging as a key component of Middle Eastern clean energy policies, given the region’s exceptional solar potential, receiving over 2,000 kilowatt-hours (kWh) per square metre annually in solar uae Image Credit: Rystad Energy 14 ISSUE 7 2024 | oilreviewmiddleeast.com ADNOC has made substantial investment in international gas projects.