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00:05As I understand it, you also had two security-related incidents at Habshan back in April.
00:11Gas supply, you say, now back to 85% ahead of the year-end target.
00:15What actually happened at the site?
00:18So the site was impacted by falling debris.
00:21That means that, of course, with a gas facility, it's about safety.
00:26It's about asset integrity, making sure everything is working according to the specification.
00:33That means we need to do work to ensure that the assets are fully having its integrity.
00:39It takes time then to do that assessment, and we started rebuilding.
00:43So I'm very pleased to say that we are doing better than what we expected ourselves.
00:48There's always a bit of uncertainty on what you're going to see on the ground.
00:51But 85% of our supply is already back, and that's encouraging.
00:57We have several production facilities across the UAE, but we want to make sure that Habshan, which is a large
01:04plant, is fully restored.
01:06And that we expect in early next year, in the first half.
01:10But I'm happy to say that today we're already back to 85% with our supply.
01:17Right, 85%.
01:18And, you know, as you and I have spoken about before, Peter, the resilience of UAE operations, not just at
01:25AdNoc Gas,
01:26but across other businesses in this part of the world, in this country, has been really a key story of
01:33this conflict.
01:33And to get back to 85% in such a short amount of time is, frankly, extraordinary.
01:39While I have you, Peter, can I also ask you about the other incident that we've heard about in the
01:44last 48 hours,
01:45an AdNoc vessel being hit by a missile in Hormuz on Saturday, the UAE calling that a hostile Iranian attack.
01:53Just from your lens, from your office, can you give us any more details on that, if you have any?
01:59I'm afraid not. Then I don't have that information.
02:02But it does show that straight of Hormuz, the transits are not what they were before and what they should
02:11be.
02:11But I've got no further insights on it.
02:15Also wanted to ask you about another announcement that AdNoc Gas made earlier this year in the Umshaif gas cap.
02:22This is a $6.2 billion final investment decision.
02:25You're partnering up with Total Energies, with Eni and CNPC as well.
02:30Walk me through that decision and why you're committing this capital now in this environment.
02:35What is it going to unlock for the business?
02:38So our growth ambitions are about more gas coming to us.
02:45And the Bob Gas Gap announcement you refer to is an AdNoc consortium and an AdNoc decision.
02:53However, it illustrates the growth in raw gas that's coming to AdNoc Gas that we subsequently process and serve the
03:02domestic market with or export it.
03:05So there's several proof points that underpinned our ambitious growth program.
03:10Having more feedstock produced by AdNoc coming our way is basically the engine that feeds our growth.
03:18And the growth that comes with the investments, the $8.2 billion we announced today, the EBITDA growth to 60
03:26% by the year 2030, all of that is underpinned by getting more feedstock into our facilities that we subsequently
03:34sell into the domestic or international markets.
03:40Right. And sorry, I should have been more clear.
03:43That, of course, is an AdNoc decision that AdNoc Gas will ultimately benefit from and be a key beneficiary of.
03:51This is going to unlock some 600 million standard cubic feet a day.
03:56Production expected in around 2030, according to the reporting that we've seen.
04:02What does the gas market actually look like when that new production comes online?
04:07And Peter, can you can you take us inside some of the trends that you're seeing right now inside the
04:12market in terms of pricing and supply?
04:15Right. So longer term, we do continue to see growth in UAE.
04:22And we often internally use, for example, metrics like population growth, GDP growth to give us an idea, an insight
04:30into what's happening in local markets.
04:33And all of that outlook give us a CAGR of about 3% per year, 3 to 4%.
04:39The same is true for the export markets.
04:41Right. I spoke about LPG.
04:43I spoke about LNG.
04:45Think about naphtha and condensates.
04:47Those are value add molecules for AdNoc gas.
04:50We make a very robust margin on our exports.
04:54And if you look at most of the agencies that give insights in how gas demand, in particular for Asia,
05:01is going to develop over the coming years,
05:04you see growth numbers 40 to 50% growth in this period up to 2040 or 2045.
05:11Now that gives us all of the confidence we need to make these investments, either in facilities that serve the
05:18local market or additional production capacity that serves the international gas markets.
05:25But it's underpinned by a strong belief that demand for gas will continue to grow.
05:32If you don't think it might lead to damage, you will definitely make up.
05:35Come on.
05:35If you don't think it in place, you will definitely learn from the low oil industry.
05:36If you're the low oil industry, don't walk from the low oil industry.
05:37It's just like a major like Sandiksi.
05:37We'll host赤您.
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