Adnoc awards $744m deal for Belbazem block

The Abu Dhabi National Oil Company (Adnoc) announced the award of a $744 million (Dh2.73 billion) contract for the full field development of the Belbazem Offshore Block, underscoring its drive to unlock and maximise value from all of Abu Dhabi’s fields as it expands its oil production capacity to five million barrels per day (mmbpd) by 2030.

Located 120 kilometers northwest of Abu Dhabi city, the Belbazem Block consists of three so-called marginal offshore fields; Belbazem, Umm Al Salsal, and Umm Al Dholou.

Al Yasat Petroleum Operations Company Ltd (Al Yasat), ADNOC’s subsidiary and joint venture (JV) with China National Petroleum Corporation, awarded the engineering, procurement and construction) contract to the National Petroleum Construction Company.

Yaser Saeed Almazrouei, ADNOC Upstream Executive Director, said: “We are very pleased to commence the full field development of the Belbazem Offshore Block, together with our strategic partner CNPC. This award demonstrates our commitment to maximise value from all of Abu Dhabi’s hydrocarbon resources.” — business@khaleejtimes.com