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ADNOC awarded a $744 million contract for the full field development of the Belbazem offshore block

65% of the award value will flow back into the UAE’s economy under ADNOC’s In-country value program

ADNOC awarded a $744 million contract for the full field development of the Belbazem offshore block

Abu Dhabi, May 25- Neftegaz.RU. UAE’s ADNOC has awarded a $744 million contract to he National Petroleum Construction Company (NPCC) for the full field development of the Belbazem Offshore Block.

Al Yasat Petroleum Operations Company - ADNOC’s subsidiary and joint venture with China National Petroleum Corporation (CNPC) - awarded the EPC contract to the NPCC.
Al Yasat was able to reduce the tender time by up to 12 months after eliminating the need for technical bids.
The company saved about $190 million in capital expenditure with the shortening of the tendering process

Yaser Saeed Almazrouei, ADNOC Upstream Executive Director, said:
  • We are very pleased to commence the full field development of the Belbazem Offshore Block, together with our strategic partner 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 to stimulate local economic growth, in line with the wise directives of our Leadership
Located 120 km northwest of Abu Dhabi city, the block consists of 3 marginal offshore fields:
  • Belbazem
  • Umm Al Salsal
  • Umm Al Dholou
The block will produce 45,000 barrels per day of 35 degree API crude.
It will also provide 765,000 m3 per day of associated gas.
Belbazem should start producing oil in 2023.

Source : Neftegaz.RU


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