ADNOC Gas, the gas division of Abu Dhabi National Oil Company, has committed $8.2 billion in engineering, procurement and construction contracts for phases 2 and 3 of its Rich Gas Development project, according to the company's Q2 announcement. The investment targets 60% earnings before interest, tax, depreciation and amortization growth by 2030 relative to 2023 baseline figures.
The two phases break into $3.9 billion for Habshan phase 2 and $4.3 billion for Ruwais phase 3. Habshan is the UAE's largest gas processing facility; Ruwais handles liquefied natural gas production. The $8.2 billion in awarded contracts sits within a broader 2026-2030 capital program that ADNOC Gas has pegged at $28 billion total across all expansion work.
Habshan phase 2 will add a new gas processing train, a unit that separates and conditions hydrocarbon streams before they move to downstream buyers or storage. Processing train construction typically takes 2-3 years. ADNOC Gas selected contractors for the Habshan work in Q2 2026, the company said, and formal project sanction occurred in the same quarter.
Ruwais phase 3 expands LNG export capacity at the company's coastal hub. The UAE exported 5.4 million tonnes of LNG in 2025; Qatar exported 77 million tonnes and Australia 73 million tonnes in the same year. Ruwais expansion is designed to increase UAE LNG output, though ADNOC Gas has not disclosed a specific nameplate capacity target for the phase 3 work.
The Rich Gas Development program is ADNOC Gas's core growth initiative through the decade. Phases 1 and earlier work have already been completed or are underway. The company is publicly held, with the Abu Dhabi state holding majority stakes; shares trade on the Abu Dhabi Securities Exchange.
ADNOC Gas reported net income of 665 million dirhams, or roughly $181 million, in Q2 2026. At the stated 60% EBITDA growth by 2030, the company is projecting its operating cash generation to increase substantially above 2023 run rates. If capital spending averages $5.6 billion per year from 2026 through 2030 and EBITDA growth reaches 60%, retained cash flow would cover a rising share of that investment.
The timing of contract awards in a period of strong global energy prices and tight LNG markets shows ADNOC Gas is moving forward with expansion. The number that decides it is whether ADNOC Gas achieves financial close on phase 3 Ruwais by end of 2026; delays in LNG project sanctioning have become common in the past 18 months.
