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12-11-14

Hyundai Industries wins USD2b oilfield deal in Abu Dhabi

(MENAFN) South Korean's Hyundai Heavy Industries announced it has won a contract deal in Abu Dhabi to develop the Nasr offshore oilfield, at an estimated worth of USD2 billion, Emirates 24/7 reported.

Abu Dhabi Marine Oil Company (Adma-Opco), the government-controlled company which operates the field, signed the contract with the South Korean company and said that the contract involves developing Nasr oilfield in order to increase its production capacity to 65.000 barrels per day compared to its current capacity of 13.500 bpd at the end of the contract, which will last for 50 months.

"Hyundai has already started working on the project, the field's capacity will increase to 18,500 bpd at the end of December before it reaches 65,000 bpd at the end of the contract," Adma-Opco's CEO said following the signing of the contract.

Adma-Opco said that the company also signed two contracts, the first was with Technip, which is worth around USD200 million and involves consultancy work for the project while another one was signed with the National Petroleum Construction Company (NPCC), an affiliate of the state-run Abu Dhabi National Oil Company (ADNOC), which was valued a USD800 million contract for drilling and dredging work.

The company said that the value of the contracts that were signed for the Nasr offshore project has reached USD3 billion, which are together expected to help the company in developing the company's oil output capacity within an ongoing strategy by Abu Dhabi to expand its hydrocarbon sector.

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