The Abu Dhabi National Oil Company (ADNOC) has introduced a $1.four billion funding to improve and broaden its Bu Hasa subject, which is able to enhance crude oil manufacturing capability to 650,000 bpd. This is a crucial step in the direction of supply of ADNOC’s 2030 good development technique that seeks to extend its crude oil manufacturing capability and cut back price to create a extra worthwhile upstream enterprise.

An engineering, procurement and development (EPC) contract has been awarded to Tecnicas Reunidas SA by ADNOC’s subsidiary, ADNOC Onshore, which operates the sphere. The works are anticipated to take 39 months to finish and the improve will enhance oil manufacturing capability from 550,000 bpd to 650,000 bpd by the tip of 2020.

The EPC contract was signed by Yasser Saeed Al Mazrouei, CEO of ADNOC Onshore and Ricardo Sanchez Galindo, upstream enterprise growth director, Tecnicas Reunidas. The contract signing, which befell on ADNOC’s stand on the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), was witnessed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE minister of state and ADNOC Group CEO; Arthur Wallace Crossley, CEO upstream, Tecnicas Reunidas; and Abdulmunim Al Kindy, ADNOC’s upstream director.

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The award of the EPC contract follows the latest endorsement, by Abu Dhabi’s Supreme Petroleum Council’s, of ADNOC’s plans to extend its crude oil manufacturing capability to four MMbpd by 2020, and 5 MMbpd by 2030.

H.E. Dr. Sultan Al Jaber stated, “This vital funding within the Bu Hasa subject will allow manufacturing capability to be elevated and generate extra worth. We are on monitor to fulfill our manufacturing capability goal of three.5 MMbopd by the tip of this 12 months – to four MMbpd by the tip of 2020 – and this contract is yet one more signal of our clear dedication to creating good investments to maximise the worth of Abu Dhabi’s oil sources and drive vital In-Country Value, according to our clever management’s directives.”

The asset improve and enlargement consists of services, new pipeline networks and manufacturing hubs, in addition to the conversion of three trains in a central degassing station and different associated services. In addition to the incremental oil manufacturing from Bu Hasa, the venture will streamline water dealing with, implement a second fuel raise restoration part and enhance the general manufacturing effectivity whereas lowering the variety of inactive wells.

Abdulmunim Al Kindy stated, “Tecnicas Reunidas SA has been chosen to ship and execute this vital venture after an especially aggressive tendering course of, guaranteeing they are going to contribute in extra of 60% of the full contract as in-country worth, which is able to quantity to over $800 million of worth add to the UAE financial system. We are partnering with a company that may deploy efficient engineering and value-add applied sciences in assist of our company-wide drive for higher effectivity and decreased price, whereas sustaining the best security requirements.”

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The Bu Hasa subject, situated 200 km south of Abu Dhabi metropolis, is one among ADNOC’s oldest oil fields, with manufacturing beginning in 1965. It is operated by ADNOC Onshore.

Source: www.worldoil.com

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