ADNOC said it has entered into multiple agreements with U.S. energy majors for a potential $60 billion of U.S. investments into United Arab Emirates (UAE) energy projects.
The agreements were made during the UAE-US business dialogue with President Donald Trump, the company said in a news release.
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 phased development, according to the release.
ADNOC said it signed a strategic collaboration agreement with Occidental Petroleum targeting to boost the production capacity of Shah Gas field’s capacity to 1.85 billion standard cubic feet per day (Bscfd) of natural gas from 1.45 bscfd, as well as accelerate the deployment of advanced technologies in the field.
Building on its investment plans for the USA, ADNOC’s global energy investment firm XRG signed a framework agreement with Occidental subsidiary 1PointFive to evaluate a potential investment in a direct air capture (DAC) project in Kleberg County, Texas. The facility aims to remove up to 500,000 tons of carbon dioxide (CO2) per year using commercial-scale DAC technology, with XRG considering a capital commitment of up to one-third of the project’s total development cost, the release said.
Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA) also granted a new unconventional oil exploration concession to EOG Resources Inc. The award is for Unconventional Onshore Block 3, which covers a 1393.4-square-mile (3,609 square-kilometer) area within the Al Dhafra region of Abu Dhabi. ADNOC stated it would oversee and assist with all exploration activities in the concession and has the option to join a subsequent production concession.
The phased field development plan for Upper Zakum will leverage artificial intelligence and industry-leading technologies and the deep expertise and strong partnership between ADNOC, ExxonMobil, and INPEX/JODCO “to sustainably grow production capacity and help meet rising global demand for industry leading low-carbon intensity barrels,” according to the release.
The plan will upgrade Upper Zakum’s infrastructure to include AI-enabled remote operations, receive power from the UAE’s clean energy grid to reduce emissions, and enable the use of artificial islands for drilling activities to enhance environmental protection. Upper Zakum, part of the Zakum field, is located 84 kilometers northwest of Abu Dhabi, the company said.
Shah Gas field is one of the world’s largest of its kind and is located 111.8 miles (180 kilometers) southwest of Abu Dhabi. The potential expansion of the facility will provide more gas for domestic industrial growth and liquefied natural gas (LNG) for export.
ADNOC Managing Director and Group CEO Sultan Al Jaber said, “The deep-rooted bilateral relationship between the UAE and the US is underpinned by our shared commitment to enabling energy abundance and we are reinforcing this commitment through these agreements with US energy majors. We see significant opportunities for further UAE-US partnerships across the energy-AI nexus and we look forward to working with our American partners to unlock long-term sustainable value and drive socioeconomic progress”.
The enterprise value of UAE energy investments into the USA is set to reach $440 billion by 2035 as part of the UAE’s $1.4 trillion investment plan into the country. The USA is a top priority market for XRG and the company is set to boost investments across the American energy value chain focusing on expanding gas, LNG, specialty chemicals and energy infrastructure, according to the release.
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