ADNOC strategy anchored around gas, executive says

ADNOC is seeking to grow its gas business domestically and abroad and has called natural gas a transition fuel to renewable energy sources. BP aims to reduce its oil and gas output by 25% by 2030 from 2019 levels but continues to invest heavily in fossil fuels.

A top executive of state-owned Abu Dhabi National Oil Company (ADNOC) on Monday said the company's strategy was anchored around gas output and that Egypt has been identified as a market with a lot of potential.

Musabbeh Al Kaabi, ADNOC's executive director for low-carbon solutions and international growth, made his remarks at an energy conference in Cairo. ADNOC, the UAE's oil giant, has an international growth strategy that is focused on gas, LNG, petrochemicals and renewables.

ADNOC last week said it would form a joint venture with global oil major BP in Egypt, focusing initially on natural gas. ADNOC is seeking to grow its gas business domestically and abroad and has called natural gas a transition fuel to renewable energy sources. BP aims to reduce its oil and gas output by 25% by 2030 from 2019 levels but continues to invest heavily in fossil fuels.