ADNOC Dishes Out Deal Worth Up To $519MM
Abu Dhabi National Oil Company (ADNOC) has announced the award of a contract worth up to $519 million (AED 1.9 billion) to BGP Inc, a subsidiary of China National Petroleum Company (CNPC).
The contract further expands the scope of the world’s largest combined three-dimensional (3D) onshore and offshore seismic survey, which is currently taking place in the Emirate of Abu Dhabi, ADNOC outlined. Following the new award, the total area to be covered by the survey is now up to 32,818 square miles, ADNOC highlighted.
The contract increases the scope of the survey to capture coastal areas, islands, and shallow water. It will utilize state-of-the-art technologies including cableless equipment and a wide range of environmentally friendly seismic sources, according to ADNOC.
ADNOC noted that the expansion underscores the important role seismic surveying plays in enabling the company to identify and explore new hydrocarbon resources. The business revealed that 50 percent of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value program.
“This award builds on the solid progress we are making in executing the world’s largest combined 3D seismic survey which is an important part of our strategy to accelerate the exploration and development of Abu Dhabi’s hydrocarbon resources,” Yaser Saeed Al Mazrouei, ADNOC’s upstream executive director, said in a company statement.
“It further demonstrates ADNOC’s commitment to realizing the full potential of our conventional and unconventional oil and gas resources to ensure the UAE remains a long-term and reliable energy provider to the world,” he added.
“The award follows a competitive tender process that ensures a significant portion of the value will flow back into the UAE’s economy, supporting local businesses in line with the leadership’s wise directives,” Mazrouei went on to say.
In July 2018, ADNOC awarded the first set of contracts for the survey and has so far recorded almost 60 percent progress in executing the initial scope, which includes onshore and offshore areas, the company highlighted. The entire survey, including the added coastal scope, is on track to be completed in 2024.
ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi, according to its website. The company’s objective is to maximize the value of the Emirate’s hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification, ADNOC’s website states.
To contact the author, email andreas.exarheas@rigzone.com
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension