fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Markets Ultility

ADNOC invests Dh1.16 billion to optimize oil production

EPC contract offered in two packages by ADNOC

The Global Economics by The Global Economics
May 19, 2021
in Ultility, Energy, Retail, Top Stories
Reading Time: 2 mins read
0
ADNOC invests Dh1.16 billion to optimize oil production

ADNOC invests Dh1.16 billion to optimize oil production

524
SHARES
2.9k
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

The first oil field that Arabian Gulf produced is Bu Hasa, located in the northern part of the Rub al Khali Basin. It is the onshore oil asset that holds oil reserves of 6.5 billion barrels. The enormous company specializing in energy ADNOC plans to invest up to Dh1.16 billion to connect the “smart wells” to the largest onshore field.

Abu Dhabi National Oil Company (Adnoc) awarded the engineering, procurement, and construction (EPC) contract in two packages. One of the packages is awarded to China Petroleum Pipeline Engineering Co which is valued at around up to Dh582 million. The other package is awarded to Robt Stone LLC which is valued at around up to Dh583.9 million. Giving an option to extend the contract to two years the duration is primarily set for three years.

With the incorporation of the contracts, it is planned to optimize the production performance and sustain the present capacity of 650,000 barrels a day (bpd). By 2030, it plans to boost the production capacity to nearly 5 million b/d.

Smart Wells ensures the usage of high-end technology to improve profitability and efficiency of the production. 

There will be an installation of around 260 conventional and non-conventional smart wells as per the contracts this will ensure remote operations.

According to Adnoc; the contractors will have the leverage to procure all the equipment on an upfront basis to complete the construction and hand it over faster, unlike the traditional ones.

According to Adnoc upstream executive director Yaser Saeed Almazrouei, the awards show utilization of modern technologies with state-of-the-art remote capabilities to build smart wells that offer improved production and add more value by driving better performance from the assets and resources.

Additionally, the contract will help the economic recovery as the expansion of production capacity will offer an upstream business that will generate 50% of the value of awards as inward cash flows to build UAE’s economy under ADNOC’s ‘in-country value’ program. The contracts will also benefit the small and local businesses and drive economic growth.

The massive oil producer plans to inject an additional $122 billion between 2021 and 2025 on projects that entail capacity ramp-up.

The distribution report of ADNOC for the previous year was AED 2.4billion in net profit, the last quarter recorded AED 851million. The oil retailer opened 64 new stations in 2020.

 

Tags: abudhabinationaloilcompanyADNOCarabiangulfchinapetroleumpipelineengineeringcompanyrobtstoneLLCSmartWellsyasersaeedalmazrouei
The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

Related Posts

Hungary nears agreement with European Union to access nearly $ 30 billion frozen funds
Funds

Hungary nears agreement with European Union to access nearly $ 30 billion frozen funds

by Riya Thomas
March 24, 2023
China’s March Towards Automobile Dominance
Clean Energy

China’s March Towards Automobile Dominance

by The Global Economics
March 24, 2023
Housing Risk in South Korea Worsened Due to Bizarre $828 Billion Loan Market
Real Estate

Housing Risk in South Korea Worsened Due to Bizarre $828 Billion Loan Market

by Rahil Adnan
March 24, 2023
Ford’s Electric Vehicle Unit Forecasts $3 Billion Loss in 2023
Transportation

Ford’s Electric Vehicle Unit Forecasts $3 Billion Loss in 2023

by Riya Thomas
March 24, 2023
40% Rise in Puig Annual Revenues up to €3.6 billion, in 2022
Fashion

Puig Annual Revenues Skyrocket 40% up to €3.6 billion, in 2022

by Rahil Adnan
March 24, 2023
Previous
Next
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Hungary nears agreement with European Union to access nearly $ 30 billion frozen funds

Hungary nears agreement with European Union to access nearly $ 30 billion frozen funds

March 24, 2023
China’s March Towards Automobile Dominance

China’s March Towards Automobile Dominance

March 24, 2023
Housing Risk in South Korea Worsened Due to Bizarre $828 Billion Loan Market

Housing Risk in South Korea Worsened Due to Bizarre $828 Billion Loan Market

March 24, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version