SUBSCRIBE
PROFILE

ADNOC Gas posts increased profits and adopts an ambitious new strategy

With a net profit of $1.24 billion in Q3 2024, ADNOC Gas surpasses expectations and announces a growth strategy targeting a 40% increase in EBITDA by 2029, supported by $15 billion in investments.

Share:

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90$/month

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99$/year

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

Sign up for free to unlock this article

ADNOC Gas’s robust financial results for Q3 2024 affirm the company’s growth momentum. With a net profit up 11% to $1.24 billion, the company exceeded market consensus forecasts, further solidifying its position in the global gas industry.

Quarterly revenues reached $6.28 billion, marking the fourth consecutive quarter above the $6 billion threshold. This performance stems from increased sales volumes and favorable pricing for exported liquids. EBITDA rose 18% year-on-year to $2.205 billion, maintaining a stable margin of 35%. Free cash flow amounted to $1.184 billion.

An Updated Growth Strategy

ADNOC Gas’s board has approved a new growth strategy aiming to boost EBITDA by more than 40% by 2029. This ambition is backed by $15 billion in investments for the 2025–2029 period, an upward revision from previous forecasts.

According to Ahmed Alebri, ADNOC Gas CEO, this strategy incorporates decarbonization initiatives and major project developments, including MERAM, IGD-E2, and Ruwais LNG. These projects, expected to come online by 2029, will expand gas processing and production capacities to meet the growing demand in the UAE and international markets.

Strong Domestic Demand Growth

In the UAE, gas demand is projected to grow by 6% annually until 2030, exceeding earlier forecasts. This growth is driven by population increases, industrial expansion, and emerging sectors such as AI data centers and the food industry.

To support this surge, ADNOC Gas plans to strengthen its infrastructure while maintaining strict capital discipline. This includes transferring key projects, such as the ESTIDAMA gas pipeline network, to other ADNOC Group entities while retaining operational management.

Long-Term Outlook

ADNOC Gas’s growth strategy extends beyond 2029 with the development of large-scale projects like Bab Gas Cap, aimed at expanding gas processing capacities. These initiatives support the UAE’s energy transition while positioning ADNOC Gas as a key player in the sustainable global gas industry.

  • Popular on energynews.pro
Kazakhstan resumes crude exports via BTC after one-month technical halt
Kansai Electric resumes surveys for new nuclear reactor at Mihama
JSW restarts coal output with two new longwalls in September
Iberdrola secures 84% of Neoenergia after €1.88bn acquisition
Aecon partners with Fermi Energia to support BWRX-300 deployment in Estonia
Brussels and Washington prepare new energy sanctions against Moscow
The European Commission and the United States plan to intensify their economic measures against Russia, targeting the energy sector and cryptocurrencies in a new sanctions package.
Adnoc withdraws $18.7 billion bid to acquire Santos
The consortium led by Adnoc ends its acquisition plans for Santos, the Australian liquefied natural gas supplier, citing commercial and contractual factors that impacted the evaluation of its offer.
South Africa: Supreme Court annuls Eskom’s permit for 3 GW gas power plant
Eskom must restart the entire administrative process for its Richards Bay gas plant after South Africa’s Supreme Court cancelled its permit, citing insufficient public consultation.
QatarEnergy and TotalEnergies launch final phase of major gas project in Iraq
QatarEnergy, TotalEnergies and Basra Oil Company begin construction of the final infrastructure components of Iraq’s integrated gas project, mobilising more than $13bn in investments to modernise the country’s energy supply.
CPS Energy acquires 1,632 MW of natural gas capacity from ProEnergy for $1.39bn
Texas-based utility CPS Energy acquires four natural gas power plants from ProEnergy for $1.39bn, strengthening its footprint in the ERCOT market with operational dual-fuel infrastructure.
MCF Energy reaches 3,310 metres on the Kinsau-1A well in Germany
MCF Energy has completed drilling of the Kinsau-1A well in Bavaria at 3,310 metres, reaching its geological targets with hydrocarbon presence, reaffirming the company’s commitment to its European gas projects.
Italian judge approves extradition of Ukrainian linked to Nord Stream sabotage
A Ukrainian national arrested in Italy will be extradited to Germany, where he is suspected of coordinating the 2022 attack on the Nord Stream 1 and 2 gas pipelines in the Baltic Sea.
Bringing forward the EU gas ban would push up TTF in Central Europe
Starting the ban on Russian gas as early as 2026 would raise benchmark prices, with a spread close to $1/MMBTU in 2026–2027 and spikes above $20/MMBTU in Austria, Hungary and Slovakia, amid tight regional supply and limited LNG availability.
Egypt signs new deals to revive domestic gas production
Cairo has concluded three new exploration agreements with Apache, Dragon Oil and Perenco, for a total investment of over $121mn, as national gas output continues to decline.
Fifth sanctioned Russian LNG carrier docks at Beihai terminal in China
The Iris carrier, part of the Arctic LNG 2 project, docked at China’s Beihai terminal despite US and EU sanctions, signalling intensifying gas flows between Russia and China.
Blackstone acquires Hill Top Energy Center for nearly $1bn in Pennsylvania
Blackstone Energy Transition Partners announces the acquisition of a 620-megawatt gas-fired power plant for nearly $1bn, reinforcing its energy investment strategy at the core of America’s digital infrastructure.
Argentina targets Brazil for gas exports despite Bolivian fees
Argentina aims to boost gas sales to Brazil by 2030, but high transit fees imposed by Bolivia require significant public investment to secure alternative routes.
Russian Arctic LNG 2 deliveries to Asia to slow this winter
The accelerated arrival of Russian cargoes in China has lowered Asian spot LNG prices, but traffic is set to slow with the seasonal closure of the Northern Sea Route.
Nigeria and Libya study 3,300 km gas pipeline to connect to Europe
Nigeria and Libya have initiated technical discussions on a new pipeline project to transport Nigerian gas to Europe through the Mediterranean network.
China–Russia: Beijing secures a gas hedge with PoS2 and LNG cargoes
Shipments of liquefied natural gas and higher pipeline flows strengthen China’s gas optionality, while testing the sanctions regime and reshaping price–volume trade-offs for the next decade.
Canada fast-tracks five major energy and mining projects
The Canadian government aims to reduce approval delays for strategic projects, including liquefied natural gas, nuclear and mining operations, amid growing trade tensions with the United States.
Sub-Saharan Africa LNG exports expected to triple by 2034
Liquefied natural gas exports in sub-Saharan Africa will reach 98 bcm by 2034, driven by Nigeria, Mozambique, and the entry of new regional producers.
Angola invests in natural gas despite technical challenges at Soyo
Backed by an ambitious public investment plan, Angola is betting on gas to offset declining oil output, but the Angola LNG plant in Soyo continues to face operational constraints.
Finland criticises Hungary and Slovakia over Russian oil purchases
Finnish President Alexander Stubb denounced fossil fuel imports from Russia by Hungary and Slovakia as the EU prepares its 19th sanctions package against Moscow.
JERA targets 20-year contract for Alaskan LNG with Glenfarne
Japanese giant JERA has signed a letter of intent to purchase one million tonnes of LNG per year from Alaska, as part of a strategic energy agreement with the United States.

Log in to read this article

You'll also have access to a selection of our best content.