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FINANCIAL NEWS
Abu-Dhabi’s Zadco seeks contractors for offshore field
12 Jul 2011
(MENAFN) Zakum Development Company (Zadco) plans to award hundreds of millions of dollars worth of contracts in the next two years for work on their offshore Upper Zakum Field, containing approximately 16 billion barrels of oil reserves, reported The National.
Zadco, an Abu Dhabi-based consortium owned by ExxonMobile, Abu Dhabi National Oil Company and Japan Oil development, would offer a contract in 2011 to build offshore oil pipelines and a contract in 2012 to build processing facilities for the field, Morten Mauritzen, the president of ExxonMobil’s UAE subsidiary, said.
Zadco would build four artificial islands with drilling rigs over the reserve to meet the UAE’s target of pulling 70 percent of the oil from the field, more than 200 percent what many other offshore fields recover. The project would replace the 90 well-head towers previously used on the Upper Zakum Field.
The project is set to be completed by 2015.
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