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Oil field: ADNOC injects $324 million
The Abu Dhabi National Oil Company (ADNOC) awarded three contracts at the end of October for a total value of $324 million. Objective of the operation? Improve the effectiveness of its projects on the ground in the United Arab Emirates. The ADNOC Onshore subsidiary managed the signing of contracts for the acquisition and construction of flowlines and wellhead facilities in several onshore oil fields in Abu Dhabi. Deciphering.
The first two contracts must be completed within five years
They concern residual engineering, procurement, construction, commissioning of natural oil production wells and water injection wells. The first contract, worth $71 million, was awarded to Galfar Engineering and Contracting for the ADNOC Onshore Asab and Sahil fields. The second contract was valued at $168 million. It was awarded to the company Robt Stone for the ADNOC Onshore Bab field.
The third contract, also awarded to Galfar Engineering and Contracting, is for the creation of a new bypass system. The idea is to provide critical backup to ADNOC Onshore’s existing crude receiving stations at the Jebel Dhanna and Fujairah export terminals. The project is to be completed in 30 months and the amount allocated for this purpose is $84 million.
ADNOC aims for smart growth
With these new contracts, ADNOC is sending a strong signal that it is committed to optimizing its field operations and improving efficiency while continuing to invest for smart growth.
The executive director of the company, Yaser Saeed Almazrouei, also said that the signing of these contracts testifies to ” ADNOC’s commitment to responsible investing to further enhance the value of our assets and resources and build long-term resilience as we implement our 2030 strategy.”
In a statement ADNOC said that more than 70% of the total value of the deal would accrue to the country’s economy as part of its In-Country Value (ICV) program. According to Yasser Said Al-Mazrouei this contract signing highlights “ADNOC’s commitment to support local businesses and stimulate the growth and diversification of the national economy”.
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