State-owned Adnoc awarded a Dh3.47 billion ($946 million) contract to Abu Dhabi's National Petroleum Construction Company (NPCC) to develop its offshore Umm Shaif oilfield, a move that backs the company's plans to boost production by 2030.
Adnoc Offshore awarded the contract, which covers the engineering, procurement, fabrication, installation and commissioning activities required to maintain Umm Shaif’s crude production capacity of 275,000 barrels per day, improve efficiencies and enhance the field’s long-term potential, Adnoc said on Wednesday.
“This important award for the long-term development of Adnoc's pioneer offshore Umm Shaif field will maximise efficiencies while maintaining future output and supporting Adnoc's strategic objective of 5 million barrels of oil production capacity a day by 2030," Adnoc Upstream's executive director Yaser Almazrouei said.
"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."
The state oil producer plans to significantly increase its investment in hydrocarbons. It has awarded a number of contracts to different companies to increase its output capacity to 5 million barrels per day by 2030.
Last month, Adnoc’s board approved plans to spend Dh466bn between 2022 and 2026 to expand its upstream production capacity and downstream portfolio, as well as its low-carbon fuels business and clean energy ambitions.
Umm Shaif is Adnoc's most historic offshore asset. The UAE’s first exported oil from the field 60 years ago in July 1962.
More than 75 per cent of the total contract value will flow back into the UAE economy under Adnoc's In-Country Value (ICV) programme, ensuring that more economic value remains in the country from the contracts it awards, the company said.
The engineering, procurement and construction contract, which is due to be completed in 2025, includes two packages for network expansion and new wellhead towers.
The first package includes modifications and extension of existing structures and the installation of new sub-sea cables and pipelines for de-bottlenecking.
The second package includes the design of three lean wellhead towers with associated new pipelines.
The contract incorporates technology termed as "fit for the future", which includes rig-less electrical submersible pumps and other digital field technology that will boost efficiencies while maintaining current production capacity, Adnoc said.
“This contract is an important contributor to Adnoc Offshore’s plans as we build our production capacity to over 2 million barrels a day in the coming years in support of Adnoc's smart growth strategy," said Ahmad Al Suwaidi, chief executive of Adnoc Offshore.
"The award follows a highly competitive bid process, which included a rigorous assessment of how much of the contract value would support the growth and diversification of the UAE’s economy through Adnoc's ICV Programme.”
The UAE’s efforts to encourage locally made products are part of wider plans to achieve self-sufficiency in the production of basic goods and increase the private sector's contribution to manufacturing.
In 2018, Adnoc introduced a procurement-led ICV programme to encourage Emiratisation, economic diversification and strategic considerations.
The programme was aimed at localising strategic supply chains and increasing the private sector’s contribution to socio-economic development.
As of December 2019, the Adnoc ICV programme has driven more than Dh44bn back into the UAE’s economy and put more than 1,500 Emiratis in the private sector.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
The years Ramadan fell in May
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
