ADNOC Gas Release Q2 2026 results

10 Aug ADNOC Gas Release Q2 2026 results

(Oilandgaspress) 10/08/26 – ADNOC Gas plc and its subsidiaries announced its results for the second quarter of 2026, delivering net income of $665 million, above the guidance range of $400-600 million, despite exceptional external disruption during the period. The Company achieved a significant milestone in executing its long-term growth strategy by taking Final Investment Decisions (FIDs) and awarding engineering, procurement and construction (EPC) contracts for Phases 2 and 3 of its Rich Gas Development (RGD) Project (collectively, the “Contract Awards”).

Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: “This is a defining moment for ADNOC Gas. With the final investment decision and contract awards for the Rich Gas Development Project, we are not only accelerating one of the world’s largest gas-processing growth programs – we are raising our ambition, targeting 60% EBITDA growth by 2030. These strategic investments will significantly expand our natural gas processing and export capacity, unlock lasting value for our shareholders, and position ADNOC Gas at the heart of the UAE’s energy future. ADNOC Gas delivered resilient second-quarter net income above our guided range, despite a challenging operating environment, reflecting the strength of our business, the discipline of our execution, and the continued delivery of our long-term strategy.”

These investment decisions raise ADNOC Gas’ targeted EBITDA growth to 60% by 2030 versus 2023 – an upgrade from the previously communicated target of more than 40% over 2023-2029. The upgrade reflects the long-term value creation of the Company’s project portfolio and its disciplined approach to capital allocation. ADNOC Gas now expects to invest approximately $28 billion between 2026 and 2030 to deliver this growth ambition.

ADNOC Gas has awarded $8.2 billion in EPC contracts for Phases 2 and 3 of the RGD project – $3.9 billion for Phase 2, to Wison Engineering, and $4.3 billion for Phase 3, to Tecnimont. These contracts build on Phase 1, announced in June 2025, which is expanding key processing units to increase throughput and improve operational efficiency, across multiple gas assets.

Phase 2, to be delivered by Wison Engineering, will add a new natural gas processing train at the Habshan facility, expanding ADNOC Gas’ natural gas processing capacity, enhancing operational flexibility, and supporting the UAE’s expanding downstream and petrochemical sectors. Phase 3, to be delivered by Tecnimont, will add a new natural gas liquids (NGL) fractionation train at Ruwais, increasing the recovery of higher-value liquids from rich natural gas for export, strengthening ADNOC Gas’ global customer portfolio.

Together with the $5 billion committed to Phase 1, the new awards bring total investment in the RGD project to $13.2 billion. It will benefit from higher associated gas volumes as ADNOC progresses towards its production capacity ambitions.

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