South Korea’s Hyundai Heavy Industries has won a US$1.94bn contract from Abu Dhabi Marine Operating Company (ADMA OPCO) to build an offshore oil and gas platform in the UAE capital
The company will carry out engineering, procurement, construction, installation and commissioning work for the Nasr oilfield, located 130km off the coast of Abu Dhabi.
According to The National, the project is scheduled to be completed in the second half of 2019 and will raise the daily production capacity of the offshore field to 65,000 bpd from the current 22,000 bpd.
Hyundai Heavy Industries’ contract also includes laying 144km of underwater power and 55km of infield cables, as well as modifying an existing manifold tower and two wellhead towers in the oilfield.
ADMA OPCO officials said that the firm is looking to add 300,000 bpd to total production from new fields including Umm Lulu and Nasr as part of its broader objective to ramp up output to one million bpd by the end of 2020.
Offshore oil is the key to Abu Dhabi’s target to raise output capacity to 3.5mn bpd by 2017. Current capacity stands at 2.7mn bpd. ADMA OPCO contributes 600,000 bpd of that amount, according to the company last year.
Also more recently, ADMA OPCO has been actively seeking to expand its other offshore fields. National Petroleum Construction Company of the UAE last year won a US$762mn contract to develop the Umm Lulu offshore oilfield.
ADMA OPCO is jointly owned by Abu Dhabi National Oil Company with 60 per cent interest, UK’s BP carrying 14 per cent shares, France’s Total with 13 per cent ownership and Japan’s Jodco owning 12 per cent interest.
