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
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
