UAE accelerates development of huge gas field as high prices persist

UAE accelerates development of huge gas field as high prices persist

Continued high gas prices in Europe in the aftermath of Russia’s invasion of Ukraine in February have prompted several major European oil and gas companies to expedite the development of gas projects in the Middle East, with Italian major Eni’s latest announcement regarding the UAE being the latest example.

According to comments from the company, its chief executive officer, Claudio Descalzi, met last week with his counterpart from the Abu Dhabi National Oil Company (ADNOC), Sultan al-Jaber, in Abu Dhabi, to discuss speeding up the development of the Ghasha sour gas project, and the Offshore Block 2 project. The Ghasha concession is the world’s largest offshore sour gas development, comprising not just the Ghasha field itself but also the Hail, Hair Dalma, Satah, Bu Haseer, Nasr, SARB, Shuwaihat, and Mubarraz fields as well. First production from it had been expected to begin in 2025, with the target being the production of at least 1.5 billion cubic feet per day (bcf/d) of gas by 2030. Eni is the holder of the largest foreign share of the ADNOC-led project, with a 25 percent stake, followed by Germany’s Wintershall Dea (10 percent), Austria’s OMV (5 percent), and Russia’s Lukoil (5 percent). ADNOC’s al-Jaber confirmed