Abu Dhabi’s National Oil Company will invest $6.2 billion to develop the Umm Shaif Gas Cap, a massive offshore oil and gas field, as part of its strategy to expand natural gas production and liquefied natural gas exports.
Disruptions in the Strait of Hormuz, usually an avenue for around 20% of the world’s LNG trade, have underscored the importance of the project and highlighted the vulnerability of global energy supplies.
Umm Shaif, Abu Dhabi’s longest-operating offshore field, is being developed alongside TotalEnergies, Eni and China National Petroleum Corporation.
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