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FINANCIAL NEWS
ADNOC completes USD11b offshore gas project
05 Jun 2013
(MENAFN) Mohammed Sahoo Al Suwaidi, the director general at Abu Dhabi National Oil Company’s (ADNOC) gas directorate stated that the firm has completed a USD11 billion offshore gas project, reported The National.
The director general also said that the aim of the landmark project is to process and bring to land offshore gas to meet the highly growing domestic demand.
Al Suwaidi added that the Integrated Gas Development (IDG) will provide an extra 800 million standard cubic feet of gas to domestic supply to meet local demand which has been climbing at a high rate of 15 percent a year.
It is worth noting that ADNOC’s gas directorate was created in October 2012 to coordinate the efforts to maximise production of a hydrocarbon that is steadily gaining in importance as demand continues to grow.
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