Overview of the Habshan Complex Incident and Impact

Adnoc Gas, a subsidiary of Abu Dhabi National Oil Company, has outlined plans to restore capacity at its Habshan gas processing complex in southwest Abu Dhabi, which was damaged in attacks by Iran last month. The Habshan complex is one of the largest gas processing facilities globally, with a combined processing capacity exceeding 6.1 billion cubic feet per day across several plants. Operations were suspended after falling debris from an attack caused "significant damage" at the flagship asset and resulted in the death of an Egyptian worker.

Restoration Progress and Timeline

As of its first-quarter 2026 results announcement, Adnoc Gas reported that 60% of the complex's processing capacity has been restored. The company is working to achieve 80% capacity by the end of 2026 and full capacity by 2027. A detailed technical assessment of the impact is progressing amid a dynamic supply chain environment and is nearing completion, with further updates to be provided in due course. While some processing trains at Habshan remain offline, overall supply across the Adnoc Gas network has been "substantially restored," allowing the company to continue meeting domestic demand through its broader infrastructure.

Impact on Exports and Maritime Operations

Disruption to maritime movements through the Strait of Hormuz continues to impact exports of the company's products. Adnoc Gas is "actively collaborating with customers and partners on a transaction-by-transaction basis" to fulfill export commitments wherever possible. The ongoing effective closure of the Strait of Hormuz is expected to affect the company's second-quarter net income, with projections indicating a range between $400 million and $600 million, assuming maritime operations return to normal before the end of the quarter.

Financial Performance and Outlook

In the first quarter of 2026, Adnoc Gas' net income declined by 15% to $1.08 billion year-on-year, amid the continued disruption in the strait. The company anticipates full-year 2026 net income to range from $3.5 billion to $4 billion, with this outlook reflecting the expected impact of the second quarter.