BP, Shell, TotalEnergies and Mitsui take stakes in Abu Dhabi LNG project

ADNOC has signed agreements with BP, Mitsui & Co., Shell, and TotalEnergies under which each will take a 10% in the Ruwais LNG project with ADNOC retaining 60%.

The Ruwais LNG project is currently under development in Al Ruwais Industrial City, Al Dhafra, Abu Dhabi.

The project consists of two 4.8 million tonnes per annum (mtpa) LNG liquefaction trains with a total capacity of 9.6mtpa and is expected to more than double ADNOC’s UAE LNG production capacity to around 15 mtpa.

The participation of BP, Mitsui & Co., Shell and TotalEnergies is subject to regulatory approvals.

The partnership builds on the final investment decision (FID) for the Ruwais LNG project, endorsed by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Chairman of the Abu Dhabi Executive Council and Chairman of the Executive Committee of the Board of Directors of ADNOC, last month.

Mitsui’s Kenichi Hori said that Mitsui believes that LNG will continue to play an important role in ensuring stable energy supply and responding to climate change. “The lower-carbon Ruwais LNG project perfectly aligns with our strategy. We are delighted to collaborate with ADNOC, with whom we have maintained a strong relationship for over 50 years, as well as with bp, Shell, and TotalEnergies, our long-term global partners in the industry.”

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During the meeting and signing ceremony, Sheik Al Nahyan said that Abu Dhabi’s attractiveness to international investors operating within the energy sector together with the UAE leadership’s commitment to harnessing innovative technological solutions is accelerating sustainable economic growth nationwide.  

“Last year at COP28, TotalEnergies and ADNOC both committed to lead the Oil & Gas Decarbonization Charter to reduce the industry’s greenhouse gas emissions. With Ruwais LNG, we are putting this principle into practice with one of the world’s lowest-carbon intensity LNG plants, allowing natural gas to fully play its role of transitional fuel,” said Patrick Pouyanne, Chairman and CEO of TotalEnergies.

ADNOC aims to reduce its carbon intensity by 25% by 2030 while investing $23 billion to decarbonise its operations and accelerate the growth of the energies of the future, including hydrogen, geothermal, renewables and carbon capture technologies. The company has also set out its ambition to achieve net zero by 2045 and zero methane emissions by 2030.