Adnoc forgoes seasonal break
The Emirati heavyweight is racing to bring on new gas production to exploit rampant global thirst for the resource
Summer is typically a quiet time for business in the Mideast Gulf, as executives decamp en masse to more temperate climes. But for the UAE’s state-owned Adnoc, this year the opposite is true. Contracting activity on major projects is continuing apace, funded by the proceeds from near-record oil and gas prices and galvanised by the world’s newfound thirst for additional supply. The brief sojourn of Adnoc’s CEO in France in mid-July was only to witness a personal plea to that effect from Paris, and to strike a fresh collaboration pact with long-time upstream partner TotalEnergies. Activity is hottest in the gas sector. In late July, contracts worth c.$2bn were awarded to the firm’s Adnoc Drill
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