ABU DHABI, 16th May 2025 (WAM) -- ADNOC today announced multiple agreements with United States (US) energy majors during the United Arab Emirates (UAE)-US business dialogue with US President Donald J. Trump.

The agreements will potentially enable $60 billion of US investments in UAE energy projects across the lifespan of the projects.

The agreements include a landmark field development plan with ExxonMobil and INPEX/JODCO to expand the capacity of Abu Dhabi's Upper Zakum offshore field through a phased development.

ADNOC also signed a strategic collaboration agreement with Occidental to explore increasing the production capacity of Shah Gas field's capacity to 1.85 billion standard cubic feet per day (bscfd) of natural gas, from 1.45 bscfd, and accelerating the deployment of advanced technologies in the field.

The agreements reinforce the shared commitment of the UAE and US to maintaining global energy security and the stability of energy markets. The enterprise value of UAE energy investments into the US is set to reach $440 billion by 2035, as part of the UAE's $1.4 trillion investment plan into the country.

Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, said, "The deep-rooted bilateral relationship between the UAE and the US is underpinned by our shared commitment to enabling energy abundance and we are reinforcing this commitment through these agreements with US energy majors. We see significant opportunities for further UAE-US partnerships across the energy-AI nexus and we look forward to working with our American partners to unlock long-term sustainable value and drive socioeconomic progress."

The US is a top priority market for XRG, ADNOC's global energy investment company, and the company is set to boost investments across the American energy value chain focusing on expanding gas, LNG, specialty chemicals and energy infrastructure.

Building on its ambitious investment plans for the US, XRG signed a framework agreement with Occidental subsidiary 1PointFive to evaluate a potential investment in a direct air capture (DAC) project in Kleberg County, Texas. The facility would remove up to 500,000 tons of CO per year using commercial-scale DAC technology, with XRG considering a capital commitment of up to one-third of the project's total development cost.

Abu Dhabi's Supreme Council for Financial and Economic Affairs (SCFEA) also granted a new unconventional oil exploration concession to EOG Resources Inc. (EOG), a leading US-based hydrocarbon exploration and production company. The award for Unconventional Onshore Block 3, which covers a 3,609 square kilometre area within the Al Dhafra region of Abu Dhabi, is the first award of its kind to a US company and underlines the attractiveness of Abu Dhabi's energy sector and its position as a trusted investment destination. ADNOC will oversee and assist with exploration activities in the concession and has the option to join a subsequent production concession.

The phased field development plan for Upper Zakum will leverage AI and industry-leading technologies and the deep expertise and strong partnership between ADNOC, ExxonMobil and INPEX/JODCO to sustainably grow production capacity and help meet rising global demand with industry leading low-carbon intensity barrels. Upper Zakum is part of the Zakum field which is the world's second largest offshore field.

The plan will upgrade the Upper Zakum's infrastructure to include AI-enabled remote operations, receive power from the UAE's clean energy grid to reduce emissions, and enable the use of artificial islands for drilling activities to enhance environmental protection. Upper Zakum field is located 84 kilometres northwest of Abu Dhabi.

Shah Gas field is one of the world's largest of its kind and is located 180 kilometers southwest of Abu Dhabi. The potential expansion of the facility will provide more gas for domestic industrial growth and liquefied natural gas (LNG) for export.