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ADNOC signs an agreement with ADNEC 2018



ADNOC signs an agreement with ADNEC 2018

Investments worth $ 1.3 billion and explore opportunities with Mubadal

Thursday – 7 months Rabi I 1440 H – 15 November 2018 AD Issue [
14597]

Sheikh Mohammed bin Zaied visited ARAMCO booth in ADBEC 2018 yesterday

Abu Dhabi: Middle East

Abu Dhabi The National Oil Company (ADNOC) yesterday presented a package of contracts, contracts and investments, including the investment of 5.1 billion dirhams ($ 1.3 billion) in the development and expansion of Buhsa Fields, aiming to increase production capacity of crude oil to 650 thousand barrel daily.
This move follows the strategy of the company's smart growth in 2030, which includes increasing the capacity to produce crude oil, reducing costs and increasing profitability in research, development and production.
ADNOC Land, an ADNOC managing director, awarded Spanish Technicas Reunidas a contract for engineering, procurement and construction, and it is expected that the completion of the contract will last 39 months. The development of this area will contribute to increasing oil production from 550,000 barrels per day to 650 thousand barrels per day by the end of 2020.
The award was approved by the Abu Dhabi Supreme Oil Council at its latest meeting of ADNOC plans to increase its oil production capacity by 4 million bpd by the end of 2020. 5 million barrels per day 2030.
"In line with the leadership leadership in order to maximize the value of Abu Dhabi's oil resources and increase local added value, this significant investment in the BOOHSA field contributes to these ambitious strategic goals," said Sultan Al Jaber, UAE Minister of State and Chief Executive Officer of ADNOC- a. In order to increase the production capacity of oil to 3.5 million barrels per day by the end of this year, and with our efforts to reach 4 million barrels per day by the end of 2020, the development of Buhsa Field confirms our commitment to introducing intelligent investments contributes to achieving our strategic goals.
The development and expansion of the terrain will include the construction of new facilities and networks for the production of pipelines and production centers, the transformation of three production lines into a central gas separation plant and other related facilities. In addition to increasing Buxa field production, the project will regulate water management, implement the second stage for gas renewal, improve production efficiency and reduce the number of inactive wells.
It is important to note that the field "Buhsa", located 200 kilometers south of the city of Abu Dhabi, is one of the oldest oil fields of ADNOC, which began production in 1965 and is managed by the land ADNOC.
ADNOC has signed a framework agreement with Mubadala Development to explore potential growth opportunities using a diversified portfolio of Mubadal for refining and petrochemical assets to support the global goals of the ADNOC for gas, processing and petrochemicals.
Under the agreement, the two sides will consider the possibility of processing crude oil and other hydrocarbons produced by ADNOC, as well as the ability to use Mubadale's technology techniques to address the products of other ADNOC companies. Thus, this comprehensive model of investment will increase the UAE's ability to provide long-term security of its hydrocarbon resources and enable profitability in various aspects and phases of the value chain.
On the other hand, ADNOC initially agreed to extend the LNG supply agreement with ADNOC LNG, in coordination with ADNOC LNG Mitsui, BP and Total until 2040.
The new gas supply agreement is planned to enter into force on April 1, replacing the existing agreement, which expires on March 31, 2019. The announcement is due to the expansion of the new Supreme Council for Oil (ADNOC). The goals are to maintain the production of liquid natural gas (LNG) by 2040, and increase the value of gas and its uses in the production of petrochemicals, taking into account the opportunities arising from changes in supply and demand and a mixture energy in UAE.
ADNOC has signed seven short and medium term contracts for the supply of more than 4.2 million tonnes of LNG per year.
Medium-term contracts related to the supply of heavy natural gas (LNG) from April 2019 were signed with numerous LNG customers around the world, including Japan's Jira, which announced in August plans to purchase up to 8 shipments of annual LNG from ADNOC Liquid Natural Gas LNG) for three years, starting in April 2019.

Economics


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