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Eni SpA and PTT Exploration and Production Pcl have received rights for the exploration of oil and natural gas in Abu Dhabi. The energy majors have committed to invest at least $230 million to assess the offshore blocks. Once the production phase is reached, ADNOC will have the option to retain 60% of the fields. ADNOC’s CEO said “We are engaging with partners who actually put skin in the game”.
On Wednesday, OMV announced that it has signed a concession agreement with ADNOC. After this agreement, the Austrian oil and gas group will get 5% stakes in the Ghasha offshore gas and condensate fields which in turn will increase its prominence in the region. The Ghasha project of ADNOC includes three major development plans- Hail, Ghasha and Dalma.
Spanish engineering firm, Tecnicas Reunidas has secured an engineering design contract for ADNOC and Cespa’s joint project in Ruwais. The linear alkylbenzene (LAB) plant will also be the first derivative unit developed under the $45 billion-Ruwais downstream investment programme. An ADNOC statement read that the plant will manufacture 225,000 tonnes of normal paraffins per year and 150,000 tonnes of linear alkyl benzene per year.
As reported by Reuters, Saudi Aramco and ADNOC’s prominent $50 billion refinery and petrochemical project in India has been delayed by two years. The proposed coastal refinery with 1.2 mbpd processing capacity will be built by RRPL, a JV between state-owned firms and Saudi Aramco and ADNOC. The project is scheduled for commission in 2023.
ADNOC has awarded Zhenhua Oil 4% stakes in its onshore oil concession which was previously owned by CEFC China Energy Co. Ltd. Zhenhua Oil is China’s state owned oil company and is indirectly owned by the Assets Supervision and Administration Commission of the State Council. CEFC bought 4% stakes in onshore oilfields of ADNOC in February 2019 for $900 million.
Germany’s energy major, Wintershall Holding has been awarded 10% stakes in the Ghasha ultra-sour gas mega project by UAE. The energy giant, Abu Dhabi National Oil Co (ADNOC) informed about this deal on Monday. The foundation of this deal is ADNOC’s new integrated gas strategy which has been focused upon unlocking and maximizing value from Abu Dhabi’s gas reserves. Abu Dhabi wants to be gas self-sufficient in the coming future.
The state oil giant of UAE, Abu Dhabi National Oil Co (ADNOC) gave 25% stakes of its Ghasha sour gas concession to Italian company, Eni. As per the information from the oil major, it will announce its new partners for this offshore project in the coming weeks. ADNOC said in a statement that the further announcement would revolve around the opening of six oil and gas blocks for competitive bidding.
The CEOs of Saudi Aramco and ADNOC have signed a strategic framework agreement on Monday for creating opportunities of cooperation in natural gas and LNG sector. Under this, both the companies will function together to assess investment opportunities in these sectors, and exchange knowledge in the growth markets. ADNOC’s CEO said “Increased cooperation between ADNOC and Saudi Aramco will ensure greater energy security and long-term economic prosperity for both nations,”
ADNOC has taken an important step towards the execution of its 2030 smart growth strategy by investing $1.4 billion in its Bu Hasa field. This investment is to develop and expand the field which in return will increase its crude oil production capacity to 650,000 bpd. ADNOC Onshore, subsidiary of ADNOC operates the field and has awarded EPC contract to Tecnicas Reunidas SA.
Eni has been awarded 25% stakes in a mega offshore gas project of ADNOC. CEO of Eni and UAE Minister of State and ADNOC’s Group CEO have signed a concession agreement for the same. Under this, Eni will be paying 25% of the development cost to enter the concession. This 40 year term project includes Hail, Ghasha, Dalma and other offshore fields which are located in the Emirate’s Al Dhafra region.
The 4-day long Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) commenced yesterday with the keynote speech by ADNOC's CEO. In his speech, His Excellency Dr. Sultan Ahmed Al Jaber said that the global oil and gas industry will be a critical enabler of economic growth in the 4th Industrial Age. ADIPEC is hosting more than 80 ministers, CEOs, and global oil and gas business leaders as speakers.
Aberdeen-based Wood has been awarded three new contracts by ADNOC Onshore, subsidiary of Abu Dhabi National Oil Company. The energy services giant signed the contracts for more than £40 million. Under the scope of these contracts, Wood will provide project management consultancy (PMC) services at Adnoc’s onshore fields. The term of the contracts is five years, with an option of one-year extension.
State-owned ADNOC inked an agreement to grant 40% stakes in the Ruwais Diyab Unconventional Gas Concession to Total. The French supermajor will explore, appraise and develop the concession area’s unconventional gas resources. The agreement consists of a six to seven-year exploration and appraisal phase. It will be then followed by a 40-year production term.
Indian Prime Minister, Narendra Modi and UAE Minister of States and Group CEO of ADNOC, Sultan Ahmed Al Jaber met at an invitation-only energy leaders’ roundtable. Al Jaber stressed on expanding investment and partnership opportunities, mainly in the energy sector. He said, “ADNOC is ready to work with its existing and potential new partners to meet the growing demand for energy and petrochemical products in India,”
Oilfield services giant, BHGE has acquired 5% stake in Abu Dhabi’s state-owned, ADNOC Drilling. This is the first time an international partner has taken a direct equity stake in an existing ADNOC services business. BHGE will provide ADNOC Drilling with specialized equipment and technologies. ADNOC Drilling, which is the Middle East’s largest drilling company, supplies oil rigs to other ADNOC businesses.
The newly commissioned Propane Dehydrogenation (PDH) unit at the Ruwais facility of ADNOC Refining has achieved full production of polymer-grade propylene. ADNOC Refining CEO regarded the PDH unit as a key element of ADNOC Refining’s expansion strategy, enabling maximum value for ADNOC’s downstream productions. The PDH unit processes propane to generate half a million tons per year of polymer-grade propylene.
Continuing on the downstream expansion strategy, oil major, Abu Dhabi National Oil Company (ADNOC) incorporated a specialised coker unit as part of its Carbon Black and Coker Project. The new delayed coker unit will enable ADNOC to recover highly specialised and valuable grades of carbon black and calcined coke. The UAE state-owned firm is eyeing the growth in Asian market for its petrochemical business.
Japanese joint venture, JERA has entered into a Memorandum of Agreement with ADNOC LNG for the purchase of upto eight cargoes of LNG. The deal term is for 3 years, ending in 2021. JERA said in a statement that the deal will help the venture to respond to LNG demand fluctuations. The Japanse JV has in the recent times struck a lot of deals for LNG purchase.