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Adnoc signs $744mn contract on Belbazem work

Platform floating in a blue sea
Belbazem

Adnoc has awarded a $744 million contract to the National Petroleum Construction Company (NPCC) for the full field development of the Belbazem offshore block.

The block consists of three marginal fields: Belbazem, Umm Al Salsal, and Umm Al Dholou.

Adnoc works on the block via a 60% stake in Al Yasat Petroleum Operations Co. This is a joint venture with China National Petroleum Corp. (CNPC).

Al Yasat signed the engineering, procurement and construction (EPC) contract to NPCC.

The block will produce 45,000 barrels per day of 35 degree API crude. It will also provide 27 million cubic feet (765,000 cubic metres) per day of associated gas. Belbazem should start producing oil in 2023.

“This award demonstrates our commitment to maximise value from all of Abu Dhabi’s hydrocarbon resources for the benefit of the UAE and our partners,” Adnoc Upstream executive director Yaser Saeed Almazrouei said.

“NPCC was selected after a rigorous tender process that ensures it will deploy best-in-class technology and expertise to execute this strategic project, with a substantial part of the award value flowing back into the UAE’s economy to stimulate local economic growth, in line with the wise directives of our Leadership.”

Al Yasat carried out a front-end engineering and design (FEED) competition among bidders. Adnoc said this had reduced the tender time by up to 12 months and saved around $190mn in capital expenditure.

“Al Yasat will continue to drive cost efficiencies as we unlock value from those of Abu Dhabi’s fields which are comparatively smaller and require a lean operating model to optimize their production and value potential,” said the company’s acting CEO Shaheen Al Mansoori.

Work on the block will involve three offshore well head towers, one on each of the fields. NPCC will tie the project back to existing facilities at Zirku Island.

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