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.