Adnoc awards NPCC AED2.73b offshore development contract

Adnoc awards NPCC AED2.73b offshore development contract

ABU DHABI / WAM

The Abu Dhabi National Oil Company (Adnoc) on Tuesday announced the award of a $744 million (AED2.73 billion) contract for the full field development of the Belbazem Offshore Block, underscoring its drive to unlock and maximise value from all of Abu Dhabi's fields as it expands its oil production capacity to 5 million barrels per day (mmbpd) by 2030. Located 120 kilometres northwest of Abu Dhabi city, the Belbazem Block consists of three so-called marginal offshore fields; Belbazem, Umm Al Salsal, and Umm Al Dholou. Al Yasat Petroleum Operations Company Ltd (Al Yasat), Adnoc's subsidiary and joint venture (JV) with China National Petroleum Corporation (CNPC) awarded the engineering, procurement and construction (EPC) contract to the National Petroleum Construction Company (NPCC). Adnoc and CNPC hold 60 percent and 40 percent stakes in Al Yasat respectively, underpinning the strong bilateral ties and energy partnership between the UAE and China. The EPC contract award follows a competitive tender process and will see 65 percent of the award value flow back into the UAE economy under Adnoc's In-Country Value (ICV) programme, highlighting how Adnoc continues to prioritise ICV as it delivers its 2030 strategy. Yaser Saeed Almazrouei, Adnoc Upstream Executive Director,