UAE Energy: FID for US$6.2bn Umm Shaif Gas Cap project announced by ADNOC; positive read-through for ADG, ADRILL and AL&S

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UAE Energy: FID for US$6.2bn Umm Shaif Gas Cap project announced by ADNOC; positive read-through for ADG, ADRILL and AL&S

Equity Research

21 July 2026 | 10:22AM GST

UAE Energy: FID for US$6.2bn Umm Shaif Gas Cap project announced

by ADNOC; positive read-through for ADG, ADRILL and AL&S

What happened? Faisal AlAzmeh, CFA

+971(4)376-3476 |

On July 21st, ADNOC Group announced FID on the Umm Shaif Gas Cap project, faisal.alazmeh@gs.com

Goldman Sachs International

committing US$6.2bn to develop the gas cap of Abu Dhabi’s longest-operating

Roman Reshetnev

offshore field. The development is expected to unlock more than 600mscfpd of +971(4)376-3423 |

natural gas and associated gas liquids, which is equivalent to almost 10% of the roman.reshetnev@gs.comGoldman Sachs International

UAE’s current daily gas consumption; first production targeted for 2030. The group Fadi Bataineh

has characterized the decision as another important milestone in delivering the +971(4)214-9959fadi.bataineh@gs.com|

UAE’s gas self-sufficiency strategy and reinforcing ADNOC’s position as a reliable gas Goldman Sachs International

supplier.

GS view

We see the FID as supportive of the enabler ecosystem more broadly, as ADG is the

strategic enabler at the centre of the UAE’s gas strategy; AL&S facilitates its LNG

carrier build-out, now consisting of 18 vessels and is underpinned by long-term

charters tied to Ruwais and broader gas volumes, and incremental FIDs such as Umm

Shaif lengthen that visibility runway. For ADRILL, it captures the US$365mn, 14-well

integrated drilling programme, reinforcing its unique positioning within Abu Dhabi’s

upstream growth. We continue to view FIDs of this kind as the mechanism that

converts group ambition into contracted backlog and meaningful growth for the UAE

energy names.