FINANCIAL NEWS

Abu Dhabi awards $560m oilfield development deal

24 Mar 2010

(MENAFN) The onshore division of state run Abu Dhabi National Oil Co (ADNOC) signed a $560.4 million oilfield development contract with the UAE’s National Petroleum Construction Company (NPCC), Reuters reported.

The project is to develop infrastructure at the Qusahwira oilfield, ADCO said. It would include building an oil gathering system and a pipeline to the Asab field, ADCO added.

The company plans to add 30,000 barrels per day (bpd) from the first phase of development of the Qusahwira oilfield by 2013. ADCO aims to boost its output capacity to 1.8 million bpd from around 1.4 million bpd

The expansion is part of a wider plan for the world’s third largest oil exporter to boost capacity to around 3.5 million bpd in 2018 from around 2.8 million bpd.

NPCC beat six other bidders to the deal, awarded by Abu Dhabi Company for Onshore Oil Operations (ADCO). The field is located south east of the UAE’s capital Abu Dhabi.

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