UAE - Mubasher: The Abu Dhabi National Oil Company (ADNOC) has awarded a $744 million (AED 2.73 billion) contract to develop the Belbazem Offshore Block, the Emirates News Agency (WAM) reported.
Al Yasat Petroleum Operations Company (Al Yasat), ADNOC’s subsidiary and joint venture with China National Petroleum Corporation (CNPC), has given the engineering, procurement, and construction (EPC) contract to the National Petroleum Construction Company (NPCC).
Located 120 kilometres northwest of Abu Dhabi, the Belbazem Block consists of three marginal offshore fields, comprising Belbazem, Umm Al Salsal, and Umm Al Dholou.
This contract is part of ADNOC's objective to maximise value from all of Abu Dhabi’s fields, as the company seeks to raise its oil production capacity to 5 million barrels per day (mmbpd) by 2030.
The offshore facilities are required to enable a full production capacity of 45,000 bpd of light crude with API gravity of around 35 degrees and 27 million standard cubic feet per day (mmscfd) of associated gas from Belbazem, with the first oil expected in 2023.
A total of 65% of the award value will flow back into the UAE economy under ADNOC’s In-Country Value (ICV) programme.
The Acting CEO of Al Yasat, Shaheen Al Mansoori, said: "Al Yasat will continue to drive cost efficiencies as we unlock value from those of Abu Dhabi’s fields which are comparatively smaller and require a lean operating model to optimise their production and value potential."
The ADNOC Upstream Executive Director, Yaser Saeed Almazrouei, commented: "This award demonstrates our commitment to maximise value from all of Abu Dhabi’s hydrocarbon resources for the benefit of the UAE and our partners."
It is noteworthy to mention that ADNOC will construct a world-scale blue ammonia production facility in Ruwais in Abu Dhabi to contribute to the UAE's efforts to create local and international hydrogen value chains.
