DUBAI: The Abu Dhabi National Oil Company (ADNOC) has awarded a $744 million contract for the full field development of the Belbazem Offshore Block as it expands its production capacity to 5 million barrels per day (bpd) by 2030.
Located 120 kilometers northwest of Abu Dhabi city, the Belbazem Block consists of three marginal offshore fields; Belbazem, Umm Al Salsal, and Umm Al Dholou.
ADNOC unit Al Yasat Petroleum Operations Company and joint venture with China National Petroleum Corporation awarded the engineering, procurement and construction contract to the National Petroleum Construction Company (NPCC).
ADNOC and CNPC hold 60 percent and 40 percent stakes in Al Yasat respectively.
Adnoc clears Dhs2.73 billion deal for Belbazem Offshore Block
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The Abu Dhabi National Oil Company (Adnoc) on Tuesday announced the award of a Dhs2.73 billion ($744 million) 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 (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).
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.
ADNOC awards $744 million contract for full field development of Belbazem Offshore Block Tue 25th May 2021 | 11:45 AM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 25th May, 2021) The Abu Dhabi National OilCompany (ADNOC) today 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 fromall of Abu Dhabiâs 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.
Adnoc holds 60 per cent stake in Al Yasat, with the remainder held by China’s CNPC.
“The 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 Adnoc s upstream executive director Yaser Almazrouei yesterday.
About 65 per cent of the award value will flow back to the UAE, according to Adnoc’s in-country value programme.
The Belbazem block, which lies 120 kilometres north-west of Abu Dhabi city, is also expected to produce 27 million cubic feet per day of associated gas by 2023.