Al Yasat Company for Petroleum Operations (Al Yasat), a subsidiary of the Abu Dhabi National Oil Company (ADNOC) has awarded the Engineering, Procurement and Construction (EPC) contract, for the full development of the offshore Bu Haseer field, to Abu Dhabi’s National Petroleum Construction Company (NPCC).
ABU DHABI, (Pakistan Point News - 02nd Jul, 2018) Al Yasat Company for Petroleum Operations (Al Yasat), a subsidiary of the Abu Dhabi National Oil Company (ADNOC) has awarded the Engineering, Procurement and Construction (EPC) contract, for the full development of the offshore Bu Haseer field, to Abu Dhabi’s National Petroleum Construction Company (NPCC).
The agreement covers engineering, procurement, construction, and commissioning activities for offshore facilities, which will see production capacity from the Bu Haseer field increase from today’s 8,000 bpd to 16,000 bpd in 2020.
A key feature of the award is that over half the value of the NPCC contract will feed back into the local economy under ADNOC’s In-Country Value programme.
The programme seeks to stimulate private sector partnerships and opportunities resulting from its 2030 growth strategy, catalyse socio-economic development, improve knowledge transfer and create additional employment for UAE nationals. It reinforces the company’s commitment to supporting local businesses and their role in driving economic diversification and GDP growth.
Abdulmunim Al Kindy, Upstream Director at ADNOC, said, "The award of the EPC contract, to further develop Bu Haseer, one of our most recent upstream developments, illustrates our commitment to growing production capacity and is part of our 2030 smart growth strategy, driving a more profitable upstream. Bu Haseer, which forms part of two exploration blocks awarded to CNPC in 2013, demonstrates the substantial exploration and production potential of Abu Dhabi’s subsurface and the commercial opportunities to maximise value from our upstream resources."
The Al Yasat joint venture includes two concession blocks, one offshore and one mixed onshore/offshore. The offshore block, in addition to Bu Haseer, includes a number of oil and gas fields currently under appraisal and development including Belbazem, Umm Al Dholou, and Umm Al Salsal. Bu Haseer is the first of these fields to be developed. The anticipated oil in place from the entire offshore block is 1.5 billion Standard Barrels. The onshore/offshore concession area is located to the south west of Abu Dhabi and Al Yasat is currently assessing this area’s full commercial potential.
Tayba Al Hashemi, Acting CEO of Al Yasat, and one of the first two female CEOs recently appointed by ADNOC said, "In little more than four years, along with our partners CNPC, we have moved from development planning to production from the Bu Haseer field. By any benchmark this is a significant achievement and we look forward with confidence to quickly moving Bu Haseer to full field development, enhancing the already attractive returns for ADNOC and our partners."