Page 4 - MEOG Week 39 2022

MEOG COMMENTARY MEOG

Service deals maintain support

for ADNOC’s upstream push

The UAE oil sector remains in the headlines with services and rig
deals set to continue strong support for ADNOC’s expansion plans.

UAE WITH the UAE’s top NOC last week reported long-term production levels by at least 10%.
to have brought forward its long-term oil pro-
duction target by five years, two deals have been Haliba squeeze
WHAT: announced since that will support the achieve- Haliba is one such asset, with the partners in
ADNOC Drilling has added ment of this goal. the Al Dhafra concession – ADNOC, Korea
another two jack-ups to The Abu Dhabi National Oil Co.’s (ADNOC) National Oil Co. (KNOC) and GS Energy –
its already impressive drilling arm finalised an agreement that will already working to expand output from 10,000
fleet of rigs. see it add to its large fleet of rigs, while Petrofac bpd to 60,000 bpd by 2023, and now presum-
received a two-year contract extension to sup- ably raising this to 66,000 bpd. In May, a new
WHY: port operations at the onshore Haliba oilfield, 50mn-barrel discovery was announced in the
Petrofac has received which is operated by the Emirati firm in joint acreage in May.
an extension on a deal venture with two South Korean partners. In a press release announcing the two-year
to support the long-term extension to its field maintenance services con-
development of a small, ADNOC target tract by Al Dhafra Petroleum, UK-based Petro-
yet significant onshore ADNOC is understood to have recalibrated its fac said the field “is at the forefront of ADNOC’s
oilfield. timeline for reaching 5mn barrels per day (bpd) development activities and plays an integral part
of oil production, aiming to hit this level by 2025 in achieving ADNOC’s 2030 smart growth strat-
WHAT NEXT: rather than the previously stated target of 2030. egy of expanding their oil production capacity.”
ADNOC is planning to add This follows the addition of at least 200,000 bpd ADNOC this week re-admitted Petrofac to its
another 800,000 bpd of of production capacity over the past 18 months commercial directory, lifting a year-long ban on
oil production capacity or so, while the company is also working to participation in the Emirati firm’s tenders.
by 2025, and perhaps achieve gas self-sufficiency by 2030. If the oil tar- Production from Haliba is handled by the
another 1mn bpd by the get is met, ADNOC is reported to be considering Asab Central Degassing Station along with
end of the decade all setting a further target of reaching 6mn bpd by output from fields in ADNOC Onshore’s
while it pushes to become 2030. South East Asset (SEA) operating area – Asab,
Net Zero. As part of the ramp-up, ADNOC’s IOC part- Mender, Sahil, Shah and Qusahwira. ADNOC
ners are believed to have been requested to raise awarded Greek firm Archirodon a three-year

P4 www. NEWSBASE .com Week 39 28•September•2022