The Abu Dhabi Company for Onshore Oil operations (ADCO) has proceeded with its approved plans and has awarded two Engineering, Procurement and Construction (EPC) contracts for the development of its Sahil, Asab and Shah Fields.
The Asab Field Development Project has been awarded to Petrofac International Ltd. at a lump sum price of $2.3 billion while the Sahil and Shah Fields Development Project has been awarded to a consortium of Tecnicas Reunidas and CCC at a lump sum price of $1.2 billion.
This award is a clear sign that ADCO is proceeding ahead with all its development plans, a company press release said today.
"ADCO would like to thank the Supreme Petroleum Council (SPC), ADNOC and its International Shareholders for their trust in ADCO to proceed with the execution of this massive project despite the current development in the market. ADCO would like to further thank both EPC contractors for their responsible actions demonstrated by their agreement with ADCO on revision of previously submitted project costs", the company said.
This project is a clear indication of Abu Dhabi’s position as a venue for several energy projects and that the Abu Dhabi government has no intention of postponing any of its strategic projects that would allow the country to achieve its future production targets. Likewise, these projects and the massive investments demonstrate the country’s commitment to play an active role in securing future energy supplies despite the currently available spare capacity.
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