Page 5 - GLNG Week 03 2023

GLNG COMMENTARY GLNG

Hail, Mubarraz, Nasr and Satah al-Razboot worth of deals cover integrated drilling services
(SARB) fields and is the world’s largest offshore and fluids and the provision of four Island Drill-
sour gas development. ing rigs for the development of both Hail and
Ghasha.
Developments Late in 2021, ADNOC awarded $1.46bn of
Hot on the heels of the announcement, deals for engineering, procurement and construction
on- and offshore engineering work for Ghasha (EPC) and another $1bn of front-end engineer-
and Hail were reported to have been awarded ing and design (FEED) work for assets within the
this week. Ghasha concession as it ramped up efforts to tap
A joint venture (JV) of Technip Energies, sour gas, with the inclusion of a carbon capture
Tecnimont and Samsung Engineering said it integration component illustrating the Emirate’s
had won an early engineering and procurement aims to reduce emissions.
contract worth $80mn covering onshore facil-
ities, noting that the scope covers preparation IPO plans
of an Open Book Estimate for the full project In December, ADNOC was reported to have
delivery scope, which will be considered as part asked banks to pitch for work in supporting
of ADNOC’s final investment decision (FID). the listing of ADNOC Gas on the local stock
Such pre-construction service agreements exchange.
(PCSAs) are unusual, but another, larger one was Reuters quoted people involved in proceed-
reported by MEED to have been signed for the ings as saying that ADNOC had invited banks to
offshore package with Saipem, China Petroleum pitch to join Goldman Sachs in a syndicate, while
Engineering & Construction Co. (CPECC) and sources told Bloomberg that Bank of Amer-
the local National Petroleum Construction Co. ica Corp. and First Abu Dhabi Bank have been
(NPCC). chosen as joint global coordinators on the initial
ADNOC holds its customary 60% in Ghasha, public offering (IPO). The latter report said that
with international partners holding the remain- ADNOC has invited banks to pitch for the role
der – Eni 25%, Germany’s Wintershall 10% and of bookrunner.
Abu Dhabi government-affiliated and Vien- In November, ADNOC said it would sell a
na-based OMV holding 5%. minority stake in the firm in an IPO on the Abu
The overall Ghasha project is anticipated to Dhabi Securities Exchange (ADX) in 2023.
produce 15.5 bcm per year of gas as well as oil BP and Japan’s Mitsui & Co. own shares in
and condensate volumes by the end of the dec- ADNOC LNG, with Thailand’s PTT and Shell
ade, with first output anticipated in 2025 with holding shares in ADNOC Gas Processing –
four artificial islands already completed and French super-major TotalEnergies has a stake in
development drilling underway. both businesses. ADNOC said that each of these
In July, ADNOC Drilling was awarded $2bn companies will maintain their positions. ™

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