Regional conflict drags ADNOC Gas profit down 52 per cent

Expansion continues

Nevertheless, ADNOC Gas said it plans to expand oil and gas sales, expecting to invest about $28 billion between 2026 and 2030 to deliver growth.

"ADNOC Gas delivered resilient second-quarter net income above our guided range despite a challenging operating environment," the company said.

The company said it awarded $8.2 billion in engineering, procurement and construction contracts during the quarter for the second and third phases of its Rich Gas Development project.

The second phase, to be delivered by Wison Engineering, will add a new natural gas processing unit at the Habshan facility.

Phase 3, to be delivered by Tecnimont, an arm of Italian company Maire, will add a new natural gas liquids (NGL) fractionation unit at Ruwais, aimed at increasing the recovery of higher-value liquids from natural gas for export.

(Reporting by Maha El Dahan Writing by Nayera Abdallah Editing by Sonali Paul and David Goodman)