Abu Dhabi

Middle East

Adnoc said to be cutting 5,000 jobs


Abu Dhabi's state-owned National Oil Co (ADNOC) plans to cut 5,000 jobs by the end of the year, and 2,000 of the lay-offs have already been carried out, Middle East news service MEED has reported.

Oil & Gas

Sparrows Group strikes five-year deal with ADMA-OPCO


Sparrows Group has won a five-year deal with Abu Dhabi Marine Operating Company (ADMA-OPCO) in the Middle East. The successful re-tender came through the company’s local partner Abu Dhabi Oilfield Services. The company will provide operations and maintenance support to all cranes and lifting equipment aboard offshore platforms and the Al Hyleh Barge in the UAE and Zirku Islands.

Other News

Abu Dhabi said to revive debt plan for first nuclear plant


Emirates Nuclear Energy Corp., the company developing the Gulf Arab region’s first nuclear power plant, is reviving plans to borrow from banks and other financial institutions to help fund the $25 billion project, four people with knowledge of the matter said. Export-Import Bank of Korea will provide about $1.5 billion for the project, the people said, asking not to be identified as the information is private. Enec, as the company is known, is also in talks with five banks to provide about $250 million for the project, they said. HSBC Holdings Plc is advising Enec on the deal, and Standard Chartered is advising Korea Electric Power Corp., which will build and operate the nuclear plant, the people said.

Oil & Gas

Amec Foster Wheeler nets contract extension on Gulf oil field


Amec Foster Wheeler has been awarded an extension for its Project Management Consultancy (PMC) contract for the UZ750 project. The agreement is for the Upper Zakum field 84 kilometres north-west of Abu Dhabi. The Zakum Development Company (ZADCO) awarded the contract as it operated the field through a venture involving the Abu Dhabi National Oil Company, ExxonMobil and the Japan Oil Development Company.

Oil & Gas

UAE’s Dana Gas wins favourable ruling in Kurdistan dispute


Dana Gas, one of the largest oil and gas investors in Iraq's semi-autonomous Kurdish region, said on Sunday that it had obtained a favourable ruling from a London arbitration tribunal in its dispute with Kurdistan authorities. The Abu Dhabi-listed firm, which leads a consortium of investors, had filed an arbitration case in London in October 2013 against the Kurdistan Regional Government (KRG), seeking to confirm its contract rights and to obtain payments for products which it had delivered.

Middle East

Abu Dhabi pivots for Asian partners in $22 billion oil push


Abu Dhabi, with 6 percent of global crude reserves, selected GS Energy Corp. of South Korea to join Japan’s Inpex Corp. as the second Asian partner in the Persian Gulf emirate’s biggest onshore oil concession. GS Energy secured a 3 percent stake for 40 years in the venture, it said in a statement. Another South Korean company, Korea National Oil Corp., said it will provide technical support to GS Energy in the project. State-owned Abu Dhabi National Oil Co confirmed the award Wednesday. Inpex won a 5 percent stake in the venture last month.

Other News

Solar-powered plane completes first leg of round-the-world flight


Solar Impulse, an ultralight plane powered only by the sun’s rays, took off from Abu Dhabi yesterday in an attempt to fly around the world without using fuel. Swiss pilot Andre Borschberg, the project’s founder, is at the controls of the single-seat aircraft for the first leg of the journey spanning 250 miles to Muscat in Oman, estimated to take about 12 hours.

Oil & Gas

ADNOC signs technical agreement with Occidental Petroleum


Abu Dhabi National Oil Company (ADNOC) has signed a technical agreement with Occidental Petroleum to develop the al-Hail and Ghasha oil fields. ADNOC holds a 70% share in the fields development venture, while Occidental holds the remaining 30%.

Middle East

Total signs onshore concession agreement in Abu Dhabi


Total has signed a new 40 year onshore concession agreement with the Supreme Petroleum Council of the Emirates of Abu Dhabi (UAE) and the Abu Dhabi National Oil Company (ADNOC). The deal will give the French company a 10% participating interest in the concession, which covers the 15 principal onshore oil fields of the region and represents more than half of the Emirate's production.