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MEOG PROJECTS & COMPANIES MEOG

ADNOC expands largest

ever seismic shoot

UAE THE Abu Dhabi National Oil Co. (ADNOC) last accelerate the exploration and development of
week announced that it had agreed a deal with Abu Dhabi’s hydrocarbon resources.”
geophysical specialist BGP to further expand This latest announcement, last week’s dis-
the massive onshore and offshore seismic survey covery of 24bn barrels of conventional and
currently being undertaken by the Chinese firm. unconventional oil resources and the approval
The announcement increases the value of the of ADNOC’s $122bn four-year spending plan
$1.6bn contract awarded in July 2018 by another are clear statements of intent from the Emirates.
$519mn and expands the 3D seismic survey These also serve to illustrate the UAE’s robust
from around 53,000 square km to 82,000 square upstream ambitions at a time when producers
km. BGP is a subsidiary of China National Petro- around the world have been put on the back foot
leum Corp. (CNPC) and is represented in the by long-term price depression and the impact of
UAE by Al Masaood Oil Industry Supplies & the coronavirus (COVID-19) pandemic.
Services Co. ADNOC is on course to raise oil production
ADNOC noted that the expanded scope of capacity from the current 4mn bpd to 5mn bpd
the survey would include coastal areas, islands by 2030. Doing so while embracing the energy
and shallow water utilising “state-of-the-art transition and making inroads into hydrogen as
technologies, including cableless equipment well as the recent launch of the UAE’s first nuclear
and a wide range of environmentally friendly power plant (NPP) is likely to ensure that there
seismic sources”, with the data to be analysed at will be something for everyone in the country’s
ADNOC’s Thamama Subsurface Centre. energy mix, keeping it relevant to international
The full project is expected to be completed investors even as the green push means interest
in 2024. in hydrocarbon investments from some quarters
Yaser Saeed Al Mazrouei, ADNOC Upstream will subside.
executive director, said: “This award builds on Amid such aspirations, rumours emerging
the solid progress we are making in executing from Abu Dhabi suggest that the UAE is consid-
the world’s largest combined 3D seismic survey, ering leaving OPEC in order to take more control
which is an important part of our strategy to over its production.™

Week 48 02•December•2020 www. NEWSBASE .com P9