ADNOC made an investment decision to develop fields with the participation of LUKOIL
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Abu Dhabi National Oil Company ADNOC has announced the final investment decision and contracts for the development of two offshore oil and gas fields, Hail and Ghasha (part of the Ghasha concession). This is reported in press release companies.
ADNOC owns 55% of the concession, 5% share belongs to Russian LUKOIL (MOEX: LKOH). Italian Eni owns 25%, German Wintershall – 10%, Austrian OMV – 5%. The planned production volume at the fields is over 40 million cubic meters. m of gas and 120 thousand barrels of oil and gas condensate per day.
The first design contract involves the construction of offshore facilities on artificial islands and subsea pipelines. It will be executed by National Petroleum Construction Company and Saipem SpA The second contract, which involves the extraction of carbon dioxide and sulfur and their processing, was awarded to Tecnimont SpA
The Ghasha concession was awarded in 2018 for 40 years to develop previously untapped reserves across nine fields in the Persian Gulf. The construction of three artificial islands has been completed in the concession area. Production is expected to begin in 2025. LUKOIL acquired a stake in the project in 2019 for $214 million.
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