Money & BusinessUAE
UAE: ADNOC announces new offshore gas field
Abu Dhabi’s state-owned oil and gas company announced on Thursday the discovery of between 1.5 to 2 trillion standard cubic feet of gas in an offshore area located in the emirate’s northwest.
The discovery comes as Gulf Arab states continue to rely heavily on profits from oil and gas exports, despite rising global temperatures and climate change from burning fossil fuels.
The Abu Dhabi National Oil Company, also known as ADNOC, said the discovery came about in partnership with a consortium led by Italy’s Eni and Thailand’s PTT Exploration and Production Company Limited, which were awarded concession rights in the area.
