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BP, Shell, TotalEnergies and Mitsui take stakes in ADNOC’s huge LNG project

July 10, 2024
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BP, Shell, TotalEnergies and Mitsui take stakes in ADNOC’s huge LNG project
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Home Fossil Energy BP, Shell, TotalEnergies and Mitsui take stakes in ADNOC’s huge LNG project

Abu Dhabi National Oil Company (ADNOC) has signed agreements with industry majors BP, Mitsui & Co., Shell and TotalEnergies under which each will take a 10% equity stake in what will be the first liquefied natural gas (LNG) export facility in the Middle East and North Africa (MENA) region to run on clean power, with ADNOC retaining 60%.

Source: Abu Dhabi Media Office

The Ruwais LNG project is currently under development in Al Ruwais Industrial City, Al Dhafra, Abu Dhabi, and will leverage the latest technologies and artificial intelligence (AI) to minimize emissions and drive efficiency.

The project consists of two 4.8 million tonnes per annum (mtpa) LNG liquefaction trains with a total capacity of 9.6mtpa and is expected to more than double ADNOC’s UAE LNG production capacity to around 15 mtpa.

The participation of BP, Mitsui & Co., Shell and TotalEnergies is subject to customary regulatory clearances.

Separately, ADNOC has signed several new long-term LNG sales commitments with international partners, including for the delivery of 1 mtpa with Shell and 0.6 mtpa with Mitusi & Co., taking the committed Ruwais LNG production capacity to 70%.

The partnership builds on the final investment decision (FID) for the Ruwais LNG project, endorsed by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Chairman of the Abu Dhabi Executive Council and Chairman of the Executive Committee of the Board of Directors of ADNOC, last month.

The FID came after the signing of a 15-year, 0.6 mmtpa LNG supply heads of agreement for the project between ADNOC and EnBW, which was the third long-term LNG supply agreement for the project, coming after the second such supply agreement from March 2024 with SEFE and the first 15-year HOA with China’s ENN Natural Gas from December 2023.

Posted: 27 days ago

The agreement was signed by Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO, Murray Auchincloss, BP’s CEO, Kenichi Hori, President and CEO of Mitsui & Co., Wael Sawan, Shell CEO, and Patrick Pouyanné, Chairman and CEO of TotalEnergies.

“We are delighted to welcome bp, Mitsui & Co., Shell, and TotalEnergies as partners in ADNOC’s Ruwais LNG project, which will be one of the world’s lowest carbon-intensive LNG facilities,” said Al Jaber.

“As natural gas demand continues to increase, this world-class project will enable us to provide more lower-carbon gas to meet growing demand today while helping the world transition to a cleaner energy future. Additionally, the project will accelerate development in Al Ruwais Industrial City, boost the local industrial ecosystem and create more skilled private sector jobs for UAE Nationals.”

Source: Abu Dhabi Media Office

Mitsui’s Kenichi Hori said: “Mitsui believes that LNG will continue to play an important role in ensuring stable energy supply and responding to climate change. The lower-carbon Ruwais LNG project perfectly aligns with our strategy. We are delighted to collaborate with ADNOC, with whom we have maintained a strong relationship for over 50 years, as well as with bp, Shell, and TotalEnergies, our long-term global partners in the industry.”

During the meeting and signing ceremony, Al Nahyan said that Abu Dhabi’s attractiveness to international investors operating within the energy sector together with the UAE leadership’s commitment to harnessing innovative technological solutions is accelerating sustainable economic growth nationwide.  

He stated that the UAE continues to make significant strides in addressing energy challenges through investment in clean and lower-carbon intensity projects and by engaging with globally-recognized partners on initiatives that foster long-term growth in critical industries.

“We are delighted to join forces with our long-standing partner ADNOC on the development of this new LNG project,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.

“Last year at COP28, TotalEnergies and ADNOC both committed to lead the Oil & Gas Decarbonization Charter to reduce the industry’s greenhouse gas emissions. With Ruwais LNG, we are putting this principle into practice with one of the world’s lowest-carbon intensity LNG plants, allowing natural gas to fully play its role of transitional fuel.”

To note, ADNOC aims to reduce its carbon intensity by 25% by 2030 while investing $23 billion to decarbonize its operations and accelerate the growth of the energies of the future, including hydrogen, geothermal, renewables and carbon capture technologies. The company has also set out its ambition to achieve net zero by 2045 and zero methane emissions by 2030.

Earlier this month ADNOC signed a general agreement with the Japan Bank for International Cooperation (JBIC) for a $3 billion green financing facility which will support the company’s decarbonization and energy transition initiatives.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : OffshoreEnergy – https://www.offshore-energy.biz/bp-shell-totalenergies-and-mitsui-take-stakes-in-adnocs-huge-lng-project/

Tags: newsShellTotalEnergies
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