Overview
- ADNOC Gas reported second-quarter net income of $665 million on Monday, August 10, beating its prior guidance and driven by strong domestic gas demand and steady margins.
- The board took final investment decisions for Phases 2 and 3 of the Rich Gas Development and awarded $8.2 billion of EPC contracts to Wison and Tecnimont, bringing RGD commitments to $13.2 billion including Phase 1.
- Habshan processing was rapidly repaired after April security incidents and gas supply at the complex has been restored to 85%, surpassing the recovery target set in May.
- ADNOC Gas approved a $940 million quarterly dividend, reaffirmed a progressive dividend policy, raised its 2030 EBITDA growth target to 60%, and plans about $28 billion of investment from 2026 to 2030 to deliver that growth.
- The company is exploring longer-term export-route options, including a reported Fujairah LNG terminal design competition aimed at bypassing the Strait of Hormuz, an option still at an early, unconfirmed stage.