Adnoc says attacks in Strait of Hormuz significantly affecting operations

Abu Dhabi's Adnoc, a key player in the UAE economy, is grappling with significant operational challenges due to regional conflicts. The oil and gas exporter has reported attacks on 15 of its vessels in the Strait of Hormuz, including three in the past week, resulting in 20 injuries and one death. Iran, in its war with the US, has effectively closed the strategic waterway, which once facilitated about a fifth of global energy exports.

Compounding the issue are Houthi rebels from Yemen, who have begun targeting Saudi-linked assets in the Red Sea. Adnoc is committed to safeguarding its personnel, assets, and operations while striving to meet customer demands as much as possible. The company emphasizes the importance of respecting freedom of navigation and the safe passage of commercial shipping through international waters.

Despite the geopolitical disturbances, Adnoc remains focused on providing energy supplies to customers worldwide, bolstered by its trading, shipping, and logistics capabilities. The company recently announced a $6.2 billion investment portfolio to develop the Umm Shaif gas cap project in Abu Dhabi, reflecting its commitment to a low-carbon energy strategy.

Additionally, Adnoc has issued tenders for engineering work on the Bab gas cap and plans to award Dh200 billion worth of project contracts over the next three years, accelerating growth across its operations. These moves come after the approval of a Dh551 billion capital investment board for 2026-2030, aimed at sustaining the company's growth and operations.