Hyundai wins $2bn Abu Dhabi oilfield deal

South Korean’s Hyundai Heavy Industries has won a $2 billion contract to develop Abu Dhabi’s Nasr offshore oilfield, officials said on Tuesday.

Ali Al Jarwan, CEO of the government-controlled Abu Dhabi Marine Oil Company (Adma-Opco), which operates the field, signed the contract with Hyundai at the Abu Dhabi International Petroleum Exhibition, which opened on Monday.

Jarwan told Emirates 24/7 that the contract involves developing the company’s Nasr oilfield to lift its production capacity to 65,000 barrels per day at the end of the 50-month contract, adding that the field currently produces13,500 bpd.

“Hyundai has already started working on the project…the field’s capacity will increase to 18,500 bpd at the end of December before it reaches 65,000 bpd at the end of the contract,” he said after signing the deal.

He said the deal with Technip is worth around $200 million and involves consultancy work for the project while the National Petroleum Construction Company (NPCC), an affiliate of the state-run Abu Dhabi National Oil Company (ADNOC), was awarded a $800 million contract for drilling and dredging work.

“The value of the contracts we signed today is around Dh11 billion ($three billion)…they are intended to develop the company’s oil output capacity within an ongoing strategy by Abu Dhabi to expand its hydrocarbon sector,” Jarwan said.
 

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