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Tue 2 Apr 2013 05:24 PM

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$2.4bn deals signed to develop UAE oil field

Hyundai, Petrofac ink agreements to develop oil fields off coast of Abu Dhabi

$2.4bn deals signed to develop UAE oil field
(Photo for illustrative purposes only)

Abu Dhabi Marine Operating Company (ADMA-OPCO) said on Tuesday it has signed two contracts valued at $2.4bn for the Satah Al-Razboot (SARB) Full Field Development Project with South Korea's Hyundai Engineering and Construction Company (HDEC) and Petrofac International.

SARB Full Field Development is part of a scheme by ADMA-OPCO to add 300,000 barrels a day of additional production from its new offshore fields, with about 100,000 bpd coming from SARB oilfield.

In a statement, ADMA-OPCO said that as part of the development plan, two artificial islands - SARB-1 and SARB-2 - are currently under construction by ADNOC Civil 120km off the northwest coast of Abu Dhabi.

It added that HDEC has been awarded the onshore package number 4 valued at $1.89bn, while Petrofac International has been awarded the offshore package number 3 for $515.4m.

Ali Rashed Al-Jarwan, ADMA-OPCO CEO, said the onshore contract would cover processing, storage and export facilities on Zirku Island and wellhead facilities on two artificial islands.

He added that the offshore works would include around 200km of subsea pipelines, 55km of subsea cables, and two riser platforms.

The SARB project is slated for completion in April 2017, the statement said. 

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