ADNOC GAS WILL INVEST MORE THAN 13 BILLION DOLLARS IN THE DOMESTIC AND INTERNATIONAL OIL AND GAS INDUSTRY BY 2029

SOURCE: world oil

ADNOC Gas plc and its subsidiaries held their first Annual General Meeting (AGM) since their historic initial public offering (IPO) in March 2023. During the AGM, chaired by His Excellency Sultan Ahmed AlJaber, he said: “Between 2024 and 2029, we plan to invest more than $13 billion in domestic and international growth opportunities, and our predictable margin business is expected to increase our EBITDA up to by 40% by 2029.

In 2024, the company will focus on processing and delivering higher volumes of gas to its customers and improving its product mix to meet growing global demand for low-carbon solutions. Through two of its ongoing strategic projects, the company will continue to expand its natural gas pipeline network and develop infrastructure to boost gas supply for its petrochemical growth in Ruwais. All of these projects will make a significant contribution to the UAE economy and expand ADNOC Gas' capacity to meet the growing global demand for gas.

In 2024, ADNOC Gas will continue to improve operational efficiency and drive accelerated growth with a focus on decarbonization, digital transformation and artificial intelligence (AI)-based technological innovation. The company's achievements in 2023 included the implementation of artificial intelligence technologies such as machine learning, computer vision and hybrid modeling, aimed at improving cost efficiency and employee safety. Notably, in September 2023, ADNOC Gas successfully completed a “proof of concept” pilot using advanced robotics for continuous monitoring and inspection of large facilities, resulting in improved equipment availability and increased safety. of the employees.

These solutions have significantly increased the company's plant availability and production profits, resulting in the creation of up to $1 billion in value since 2016. ADNOC Gas aims to further leverage AI and other new technologies to improve cost efficiency and reliability. Over the next five years, it expects to save up to $400 million a year and reap significant benefits.