ADNOC approves investment decision for Gasha fields – Kommersant

UAE national oil and gas company ADNOC has made the final investment decision and awarded contracts for the Hail and Ghasha offshore gas field development project. They are part of the Abu Dhabi Ghasha concession, whose production should reach 1.5 billion cubic meters by 2030. feet of gas per day. This will increase the UAE’s self-sufficiency with this type of fuel, and will also provide the opportunity to export gas. The participants in the concession are: ADNOC – 55%, operator Eni – 25%, Wintershall – 10%, OMV – 5% and LUKOIL – 5%, which acquired a stake in October 2019 for $214 million.

Two engineering, procurement and construction (EPC) contracts have also been awarded, ADNOC said in a statement. The first, which involves the construction of offshore facilities and structures on artificial islands and subsea pipelines, was awarded to a joint venture of National Petroleum Construction Company and Saipem SpA The second contract for onshore work, including CO2 and sulfur extraction and processing, was awarded to Tecnimont SpA Cost of offshore The EPC contract is approximately $8.2 billion, and the onshore contract is $8.74 billion.

The company notes that more than 60% of the investment cost of the entire project will be returned to the UAE economy as part of the ADNOC In-Country Value (ICV) program. ADNOC Executive Director for Mining Abdulmunim Al Kindi recalled that the project features zero carbon dioxide emissions, which contributes to the decarbonization of the country. It will capture 1.5 million tonnes of CO2 per year, increasing ADNOC’s investment in carbon capture capacity to almost 4 million tonnes per year.