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ADNOC awards $519m contract to explore new hydrocarbon resources

ADNOC awards $519m contract to explore new hydrocarbon resources
A total of 50% of the award value will be pumped into the UAE’s economy

UAE - Mubasher: The Abu Dhabi National Oil Company (ADNOC) has awarded a $519 million (AED 1.9 billion) contract to expand the company's world’s largest three-dimensional (3D) onshore and offshore seismic survey in Abu Dhabi.

The contract was won by BGP Inc, a geophysical solution provider and a subsidiary of China National Petroleum Company (CNPC), according to a press release on Thursday.

 BGP represented in the UAE by Al Masaood Oil Industry Supplies & Services Co. 

ADNOC seeks to expand seismic surveying to explore new hydrocarbon resources, namely following the recent discoveries of recoverable unconventional oil resources and conventional oil reserves in the UAE.

Hence, an 85,000 km2 area will be added to the survey, strengthening ADNOC's portfolio which includes the discovery of conventional oil and gas reserves and the unconventional gas resource.

A total of 50% of the award value will be pumped into the UAE’s economy under ADNOC’s In-Country Value (ICV) programme.

The ADNOC Upstream Executive Director, Yaser Saeed Al Mazrouei, said: "This award builds on the solid progress we are making in executing the world’s largest combined 3D seismic survey which is an important part of our strategy to accelerate the exploration and development of Abu Dhabi’s hydrocarbon resources."