The United Arab Emirates will increase its output target to 3.075 million barrels a day in January, or about 135,000 barrels a day more than it pumped last month.
Adnoc Drilling added four jack-ups during the period, which should start working in December. It now has 124 rigs in its fleet.
The ZMI CEO said the company was ready to "expand our operations across Asia and explore new markets”.
Masdar will stump up $2bn of equity, with another $8bn in project financing and through its Infinity Power venture. The Abu Dhabi-based company intends to reach 10 GW of clean energy in Africa by 2030.
The project scope for the NPCC work covers fabrication, painting and load out of the five jackets and boat landings. There is an optional scope, covering sea fastening of the structures.
The company already operates the Al Reyadah carbon capture and storage (CCS) facility, which has 800,000 tpy of capacity.
Masdar CEO Mohamed Jameel Al Ramahi said the agreement “opens an exciting new chapter for Masdar as we explore how to unlock the full potential of green hydrogen to produce fuel for homes and businesses”.
“Through this pilot programme, we will gather important data on how hydrogen transportation technology performs as we continue to develop the UAE’s hydrogen infrastructure.”
“We are increasingly aware of the reputational challenges posed by our brand name and positioning,” the centre reported Adnoc as saying.
The company said that more than 70% of contract value would go back into the UAE, under its in-country value (ICV) programme.
“Petrofac has a long and strong track record supporting Adnoc in the UAE, rooted in our steadfast commitment to maximising local delivery, investing in the local supply chain, and developing local teams," said Petrofac Engineering & Construction COO Elie Lahoud.
The Lower Zakum long-term development plan aims to increase production to a peak of 500,000 barrels per day. Adnoc expects to achieve this in around five years.
The new rigs will use a high capacity battery and engine, in parallel to traditional diesel generators. As a result, Adnoc Drilling said the new units would reduce greenhouse gas emissions by 15% in comparison with a traditional rig.
Creating the new grade could help ensure the quality of Adnoc’s other offshore crudes by weeding out heavier barrels.
Studies from Masdar highlight the importance of new drilling and completions technology to control costs.
FAB is aiming to reduce scope one to three emissions in the oil and gas sector by 7 to 15% by 2030, from a 2021 baseline.
The company said the new rig order was a “direct response” to Adnoc’s production targets. It aims to reach 5 million barrels per day of capacity by 2027, in addition to achieving gas self sufficiency for the United Arab Emirates.
Cepsa said the sale was intended to allow it to focus on its Positive Motion strategy. This will make Cepsa a leader in sustainable mobility, biofuels and green hydrogen in Spain and Portugal, it said.
The offer runs until March 1. It covers around 4% of the shares in the company. It will raise $1.9 to 2 billion. The price values Adnoc Gas at $47 to 50.8bn.
Alebri said the delivery “demonstrates how the UAE is continuing to work closely with our strategic partners in responsibly providing secure, sustainable and affordable energy supplies”.
Adnoc has awarded Samsung Engineering a letter of award for pre-construction services on the Hail and Ghasha project.
Gas, he said, would be “a critical fuel in the energy transition and Adnoc Gas, through its world-scale operations and significant growth and expansion plans, will be well-positioned to meet both local and international gas demand”.
These investors put $18.7 billion into renewables in 2022 and only $6.7bn into hydrocarbons.
TAQA and Adnoc have completed the acquisition of stakes in clean energy operator Masdar, coming in alongside Mubadala Holdings.
Adnoc has the goal of being the world’s lowest-cost oil producer of choice. Unlike some of its IOC competitors, struggling to come to terms with the demands of meeting today’s energy needs and tomorrow’s transition, it is willing to put the money in.