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January 5, 2022updated 07 Jan 2022 12:27pm

ADNOC to invest $1bn in Umm Shaif offshore field

The investment works to further ADNOC’s plan to increase oil production capacity and strengthen its energy independence.

By Scarlett Evans

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The Abu Dhabi National Oil Company (ADNOC) has announced it will be investing just under $1bn into its Umm Shaif offshore field – a site that has been in operation for 60 years and that the group describes as its “most historic” asset. 

The UAE state-owned energy major has awarded the $946m engineering, procurement, and construction contract to the National Petroleum Construction Company after a “competitive” tender process.  

With anticipated completion in 2025, the contract is made up of two packages: the first to support network expansion and the second to build new well-head towers. The former includes developing existing facilities, as well as installing new subsea cables and pipelines, while the latter will include “fit for future” technologies, such as rigless electrical submersible pumps.  

The investment sits within ADNOC’s wider target of reaching five million barrels of crude oil production by 2030, with Umm Shaif providing 275,000 barrels per day. The group has said it hopes the latest investment will help to streamline operations while maintaining this output level. 

In a statement, ADNOC upstream executive director Yaser Saeed Almazrouei said: “This important award for the long-term development of ADNOC’s pioneer offshore Umm Shaif field will maximise efficiencies while maintaining future output…In addition, the development plan for Umm Shaif underpins ADNOC’s commitment to maintain its position as a leading low-cost oil producer and strengthens our role as a reliable energy provider to customers around the world.”  

Under the contract, 75% of the total award value will be channeled back into the UAE economy in service of ADNOC’s In-Country Value program – an initiative set up in 2018 to achieve maximum optimisation in the nation’s oil and gas industry, while also aiding sustainable growth in the country. 

ADNOC has been making significant strides in its program, announcing plans last month to expand upstream production capacity and downstream portfolio, as well as its low-carbon fuels business and clean energy projects between 2022 and 2026– in a $127bn commitment. The group is also planning a £3.6bn decarbonisation project, targeting its offshore operations.  

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Free Report
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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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