ADNOC accepted an investment decision on gas projects in the UAE with Lukoil's participation

ADNOC has made a final investment decision on the project to develop two gas fields offshore UAE - Hail and Ghasha. Fields are part of the Abu Dhabi Ghasha concession, which is expected to produce more than 1.5 bcf/d of gas by the end of the decade. ADNOC is the operator of the concession with a 55% stake, while Lukoil owns 5% of the project, which it acquired in October 2019 for $214m.