The offshore block consists of three fields –Belbazem, Umm Al Salsal and Umm Al Dholou.
Adnoc has the majority 60 per cent stake in Al Yasat, with the remainder held by China’s CNPC. NPCC was selected after a rigorous tender process that ensures it will deploy best-in-class technology and expertise to execute this strategic project, with a substantial part of the award value flowing back into the UAE’s economy, said Yaser Almazrouei, Adnoc upstream executive director said in a statement on Tuesday.
Around 65 per cent of the award value will flow back to the UAE, according to Adnoc s in-country value programme.
UAE: ADNOC awards USD744 million contract for full field development of the Belbazem Offshore Block
25 May 2021
EPC contract awarded by Al Yasat Petroleum, ADNOC’s joint venture with CNPC, after a competitive tender process
65% of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value program
Award will enable Belbazem to achieve crude oil production capacity of 45,000 bpd with first oil expected in 2023
$190 million (AED697.3 million) in CAPEX savings enabled through cost optimization achieved in FEED design
The
$744 million (AED2.73 billion) contract for the full field development of the
Belbazem Offshore Block, underscoring its drive to unlock and maximize 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 kms northwest of Abu Dhabi city, the