Saudi-based company Adnoc has received commercial bids for an offshore oil project for Abu Dhabi’s largest producing oil asset. The aim of the project is to increase the potential of oil production in the Upper Zakum offshore field. The project also seeks to push the production of oil in the field to 1.2 million barrels a day (b/d). Adnoc offshore is a subsidiary for state-owned Abu Dhabi National Oil Company (Adnoc Group). It is also the client company for the project having issued a submission deadline for the prices. The contractors interested in bidding for the project had till the 13th of November to do so.
The main scope for the Offshore Oil Project includes the engineering and procurement of several surface facilities. It also includes the construction of these facilities and plants at the upper Zakum’s offshore fields. This includes for main artificial islands namely the South, North, West and Central islands. There are three key bidding company among others that are understood to have taken a keen interest in being part of the project. This includes UK-based Petrofac, Spain’s Tecnicas Reunidas and UAE-based Target Engineering. The client company issued the main tender for the Offshore Oil Project production increment scheme in late February 2023.
Upper Zakum Expansion project will Improves Abu Dhabi’s Standings in the Oil Market
The world’s second largest offshore field and the fourth largest oil field is about to get a reboot in its oil production scheme. This means that the Offshore Oil project in prospect could change Abu Dhabi’s standings in the oil market for the better. Adnoc Offshore seeks under the initiation of UZ 1000 project, seeks to boost oil production to 1.2 million barrels a day. Adnoc has committed to a capital expenditure budget of an estimated $30 billion. The upper Zakum project also holds the record for the world’s longest oil and gas well stretching 50,000 feet. The aim of this is to tap to the unexplored parts of the offshore oil reservoirs. This will potentially increase the production to 15,000 b/d without expanding or building new infrastructure. The offshore oil project will also aid in boosting the untapped potential of the offshore oil field.