New wave of oil and gas growth coming as Abu Dhabi invests billions
The market for oil and gas projects in Abu Dhabi is set for a new burst of growth, according to executives, as the emirate invests billions of dollars to boost its production capacity.
Mr Khan was speaking on the sidelines of the Adipec oil and gas conference in the capital.
He added: “Some power plants are coming, there are couple of projects coming in Fujairah as well, some refineries, LNG plants etc.
“We are doing EPC [engineering procurement construction projects], one is with Borouge and the other is with Gasco. The project with Gasco is already completed, and with Borouge it is around 20 per cent done.”
Mr Khan said the value of the work on Gasco’s Habshan acid gas flare recovery project was about US$50 million.
“In the Borouge EPC project we are modifying some old plants of the company. And it is more like an environment-friendly project worth $100m concerning flare recovery.”
Abu Dhabi National Oil Company (Adnoc)has plans to raise oil production capacity to 3.5 million bpd by 2020 – the offshore operator Adma-Opco is expected to contribute for half of this at about 1.75 million bpd.
“We hope, through an Abu Dhabi division, to open a new era in international business by an being open-minded, making the best of advantages and facing the global market,” said Zhou Xuezhong, the chief executive of China’s largest oil and gas contractor, the Chinese Offshore Engineering Company.
On Tuesday South Korea’s Hyundai Heavy Industries said it had signed a $1.94 billion deal to build offshore oil and gas processing platforms for Adma-Opco. The world’s top shipbuilder will build four giant platforms and underwater power cables as part of a new offshore oil and gas production complex in the second phase of the Nasr full field development project, 130 kilometres north-west off Abu Dhabi.
The project, to be completed by the end of 2019, will triple the area’s oil production to 65,000 bpd from the current 22,000 bpd, Hyundai said.
Another EPC contract for the same project, worth $800m, was awarded to Abu Dhabi’s National Petroleum Construction Company (NPCC). France’s Technip won a project management consultancy services job valued at more than $200m.
The Nasr development, to be completed in 2019, is a key plank in Adma-Opco’s initiative to add 270,000 bpd of additional production capacity from its Umm Lulu, Nasr and Satah Al Razboot (Sarb) fields, as part of Abu Dhabi’s overall efforts to raise oil production capacity.
NPCC also won a $494m contract for EPC work to boost gas supply from the offshore Umm Shaif Super Complex.
- The National
- Published on:
- November 12, 2014
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