Page 9 - MEOG Week 06 2022
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MEOG                                  PROJECTS & COMPANIES                                            MEOG


       ADNOC announces offshore gas find





        UAE              ABU Dhabi National Oil Co. (ADNOC) last  was expanded in late 2020 from around 53,000
                         week announced the discovery of a significant  square km to 82,000 square km, taking the total
                         gas deposit in the Offshore Block 2 concession,  value of the contract to $2.12bn. The project is
                         which is operated by Italian firm Eni, following  the world’s largest combined onshore and off-
                         its award in the second competitive bid round.  shore 3D seismic survey.
                           Results from the first exploration well gave an   ADNOC said that Eni and PTTEP’s “drilling
                         indicative resource size of 1.5-2 trillion cubic feet  operations continue to reach deeper formations
                         (42.5-56.6bn cubic metres) of raw gas in place  to fully unlock the resource volume in Offshore
                         and mark the second significant find reported in  Block 2 and further explore the promising poten-
                         the last eight weeks, following the 1bn barrels of  tial across the block as well as across Offshore
                         oil equivalent (boe) announced by Japan’s Inpex  Blocks 1 and 3 exploration concession areas”.
                         at Onshore Block 4 in December.
                           Eni was awarded a 70% stake in the nine-  Services contracts
                         year exploration phase for the 4,033-square km  Following the announcement of the gas dis-
                         Offshore Block 2 in 2019, with Thailand’s state-  covery, ADNOC’s onshore upstream arm
                         owned PTTEP holding the remainder.   announced the award of several oilfield services
                           Following the exploration phase, the conces-  contracts to support the parent firm’s capacity
                         sion could be extended for a 35-year develop-  expansion.
                         ment and production phase, in which ADNOC   ADNOC Onshore awarded well testing con-
                         has the customary option to take a 60% stake.  tracts worth $169mn to NESR Energy Services,
                           The international partners were also awarded  Al-Mansoori Production Services and Al Ahlia
                         Offshore Block 1 at the same time and commit-  Oilfields Development Co., which will run for
                         ted to investing at least $230mn to explore and  up to five years.
                         appraise Block 1 and appraise existing discover-  “The services will apply best-in-class technol-
                         ies in Block 2. The pair were awarded Offshore  ogy to optimise the performance of our onshore
                         Block 3 in December 2020.            reservoirs, while minimising the environmental
                           In a company statement, ADNOC’s upstream  impact of the process,” it said.
                         executive director, Yaser Saeed Almazrouei, said   The awards follow the November announce-
                         the find highlighted “the continued success of  ment that ADNOC would invest up to $6bn
                         ADNOC’s accelerated exploration and develop-  in drilling equipment, making procurement
                         ment programme”.                     awards to contractors for well completion
                           He added that “both discoveries leveraged  equipment, with local subsidiaries and agents of
                         insights from ADNOC’s ongoing 3D mega seis-  Baker Hughes, Schlumberger, TechnipFMC and
                         mic survey”, alluding to an onshore and offshore  Weatherford among the winners.
                         survey being carried out by China National   The Emirati giant is working to expand oil
                         Petroleum Corp. (CNPC) geophysical special-  production capacity from 4mn barrels per day
                         ist subsidiary BGP. The scope of the 3D survey  to 5mn bpd by 2030.™





































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