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FINANCIAL NEWS
UAE ADMA-OPCO awards USD2.4b contracts for SARB development project
03 Apr 2013
(MENAFN) Abu Dhabi Marine Operating Company (ADMA-OPCO) CEO, Ali Rashed Al-Jarwan, announced that the company inked 2 contracts worth USD2.4 billion for the Satah Al-Razboot (SARB) Full Field Development Project, reported Arabian Business.
The first USD1.89 billion contract was awarded to South Korea’s Hyundai Engineering & Construction Company (HDEC) and the other, valued at USD515.4 million, was awarded to Petrofac International.
Al-Jarwan stated that SARB Full Field Development, which is part of ADMA-OPCO’s program to develop the oil field, will add 100,000 barrels per day (bpd) to the country’s oil output.
Meanwhile, Al-Jarwan added that Adnoc Civil is constructing 2 artificial islands, SARB-1 and SARB-2, 120km off the northwest coast of the capital.
It’s worth mentioning that the onshore package number 4, won by HDEC, would cover processing, storage and export facilities on Zirku Island and wellhead facilities on the two artificial islands, while the offshore package number 3, won by Petrofac, would include around 200km of subsea pipelines, 55km of subsea cables, and 2 riser platforms.
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