GCC natural gas projects ‘worth $73bn’
Abu Dhabi, June 5, 2013
The total worth of natural gas projects currently under development in the GCC states is as high as $73 billion, a top official said.
The projects include those in the tendering or EPC (engineering, procurement and construction) phases, Mohammad Al Suwaidi, director of Gas Directorate in Abu Dhabi National Oil Company (Adnoc), was quoted as saying by Gulf News.
While Abu Dhabi alone claims $25 billion of the contracts, the main projects in the UAE capital include the Bab sour gas development, Al Suwaidi added, noting that oil exploration giant Shell is scheduled to delivering gas from the development by 2020.
Domestic gas demand is growing 15 per cent annually, Al Suwaidi was quoted as saying in the report.
UAE currently produces 2.77 million barrels of oil per day while its daily natural gas output stands at 5.3 million cu ft, the report said.