Skip to main content

The UAE’s ADNOC signs oil and gas agreements with several US companies

The Emirati company ADNOC has signed several agreements on energy with US companies, notably ExxonMobil and Occidental Petroleum, which could potentially enable US$60bn of US investments in UAE energy projects.

The agreements include a field development plan with ExxonMobil and INPEX/JODCO to expand the capacity of Abu Dhabi’s Upper Zakum offshore field through a phased development. ADNOC also signed a strategic collaboration agreement with Occidental Petroleum to explore increasing the production capacity of Shah Gas field’s capacity from 1.45 bcf/d (15 bcm/year) currently to 1.85 bcf/d (19.1 bcm/year) of natural gas, and accelerating the deployment of advanced technologies in the field. In addition, a new unconventional oil exploration concession was awarded to the US-based group EOG.

According to ADNOC, the enterprise value of UAE energy investments into the United States is set to reach US$440bn by 2035, as part of the UAE’s $1,400bn investment plan into the country. XRG, a subsidiary of ADNOC, has notably signed a framework agreement with Occidental to evaluate a potential investment in a direct air capture (DAC) project in Kleberg County, Texas. The facility would remove up to 500 ktCO2/year.