ADNOC Gas has raised its outlook for full-year profits by at least 14% after third-quarter earnings smashed expectations — and views a looming glut of LNG on the global market as an opportunity rather than a risk, CEO Fatema Al Nuaimi told Semafor.
Although overall Gulf LNG exports are recovering — in October they reached the highest level since the start of the US-Iran war — ADNOC Gas’ exports remain slightly below what they were when the conflict began. Still, the company was able to ride soaring LNG prices to third-quarter net income of $1.3 billion, double its forecast. ADNOC Gas is weighing whether to invest in new infrastructure to bypass the Strait of Hormuz, including a potential new export terminal at Fujairah, Al Nuaimi said.
While global LNG supplies are currently tighter than they’ve been in years, some analysts expect to see an oversupply by the early 2030s as a raft of new terminals come online. “I don’t call it a glut, I call it market creation,” Al Nuaimi said of the possibility of a major price dip in the next few years. “That’s where you can attract more consumers to be hooked into the LNG value chain.”
