BLOOMBERG/CHRISTOPHER PIKE
Abu Dhabi National Oil Company (ADNOC) has awarded Greece-based Archirodon Construction Overseas a AED 1.8 billion contract to upgrade its onshore Bab field, which produces Murban crude, to maximise value from Abu Dhabi’s vast hydrocarbon resources as it delivers its 2030 smart growth strategy.
ADNOC stated that its subsidiary, ADNOC Onshore, granted a 39-month engineering, procurement, and construction (EPC) contract to build the field facilities and infrastructure required to sustain long-term crude oil production capacity of the field at 485,000 barrels per day (bpd).
Abdulmunim Saif Al Kindy, the Executive Director of ADNOC’s Upstream Directorate, said, “The Bab field is integral to our strategy to create a more profitable upstream business and this award will ensure that we sustain long-term oil production capacity from a maturing field.”
The Bab field upgrade project includes the development of oil-producing wells, water injection wells as well as artificial lift wells, well-bays, let down stations and water injection clusters to sustain the production capacity of the field.
Yaser Saeed Al Mazrouei, the CEO of ADNOC Onshore, said, “The Bab field already plays an important role in supporting ADNOC’s production capacity mandates and this upgrade complements ADNOC’s upstream growth plans.”
The project is expected to minimise life-cycle costs on the field and deploy cutting-edge technologies to allow the ADNOC to progressively and efficiently unlock the full potential of the field’s existing assets and wells while tapping into new reservoirs to sustain long-term production output, said Al Mazrouei.
According to the International Energy Agency, the UAE supplies four per cent of global crude production, much of it sourced from fields owned and operated by the state-owned oil company in Abu Dhabi.
MOST READ
INVESTMENT
INVESTMENT
ECONOMY
INVESTMENT
INVESTMENT
INVESTMENT
ECONOMY
ECONOMY
INVESTMENT
SABB seeks to boost corporate lendingINVESTMENT
HSBC considering exiting from TurkeyINVESTMENT
Abu Dhabi’s Group 42 acquires BayanatINVESTMENT
Amanat considers stake in VPS HealthcareINVESTMENT
UBS investment bank job cuts reach Europe
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
