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Abu Dhabi Seeking to Double Bou Hasir Oil Field Output

ADNOC is seeking to double oil production at the Bou Hasir field. (AP)
ADNOC is seeking to double oil production at the Bou Hasir field. (AP)
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Abu Dhabi Seeking to Double Bou Hasir Oil Field Output

ADNOC is seeking to double oil production at the Bou Hasir field. (AP)
ADNOC is seeking to double oil production at the Bou Hasir field. (AP)

The Abu Dhabi National Oil Company (ADNOC) is seeking to double oil production at the Bou Hasir field from 8,000 bpd to 16,000 bpd by developing a contract worth about AED 633 million (USD172 million).

The contract includes engineering, procurement, manufacturing, transportation and installation of a new platform, the laying of pipelines to transport oil and water, a 3km sea cable and a 16km cable on the island of Zirku, said National Petroleum Construction Company (NPCC) CEO Ahmed Salem Al Dhaheri.

Construction and modification of new facilities on Das Island and Zirku Island among other works are expected to be completed by the end of 2019, he added.

“We are proud of this confidence, which reflects the company’s advanced technical level at the local, regional and global levels,” said Dhaheri.

He stressed that specialized departments and teams of company experts will start work, in accordance with the requirements and expectations of the client in full, ensuring the project is completed on time, while committing to top standards of quality and safety.

Dhaheri added that the company is proud of its qualified, trained and experienced national cadres, who enabled NPCC to increase its share in local, regional and international markets and to enhance its competitive level both locally and globally.

NPCC is one of the largest regional companies in the field of construction of oil and gas fields.

Established in 1973 by the government of Abu Dhabi, the company is 70 percent state-owned. The company also owns the largest offshore oil and gas fleet in the Middle East, South East Asia and North Africa region.

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Syria Completes First Global SWIFT Transfer since War

FILE PHOTO: A drone view shows the Syrian central bank, after the ousting of Syria's Bashar al-Assad, in Damascus, Syria, December 16, 2024. REUTERS/Yosri Al Jamal/File Photo
FILE PHOTO: A drone view shows the Syrian central bank, after the ousting of Syria's Bashar al-Assad, in Damascus, Syria, December 16, 2024. REUTERS/Yosri Al Jamal/File Photo
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Syria Completes First Global SWIFT Transfer since War

FILE PHOTO: A drone view shows the Syrian central bank, after the ousting of Syria's Bashar al-Assad, in Damascus, Syria, December 16, 2024. REUTERS/Yosri Al Jamal/File Photo
FILE PHOTO: A drone view shows the Syrian central bank, after the ousting of Syria's Bashar al-Assad, in Damascus, Syria, December 16, 2024. REUTERS/Yosri Al Jamal/File Photo

Syria has carried out its first international bank transaction via the SWIFT system since the outbreak of its 14-year civil war, its central bank governor said on Thursday, a milestone in Syria's push to reintegrate into the global financial system.

Central bank governor Abdelkader Husriyeh told Reuters in Damascus that a direct commercial transaction had been carried out from a Syrian to an Italian bank on Sunday, and that transactions with US banks could begin within weeks.

"The door is now open to more such transactions," he said.

Syrian banks were largely cut off from the world during the civil war after a crackdown by Bashar al-Assad on anti-government protests in 2011 led Western states to impose sanctions, including on Syria's central bank. Assad was ousted as president in a lightning offensive by opposition factions last year and Syria has since taken steps to re-establish international ties, culminating in a May meeting between interim President Ahmed al-Sharaa and US President Donald Trump in Riyadh. The US then significantly eased its sanctions and some in Congress are pushing for them to be totally repealed. Europe has announced the end of its economic sanctions regime.

Syria needs to make transfers with Western financial institutions in order to bring in huge sums for reconstruction and to kickstart a war-ravaged economy that has left nine out of 10 people poor, according to the United Nations.

Husriyeh chaired a high-level virtual meeting on Wednesday bringing together Syrian banks, several US banks and US officials, including Washington's Syria envoy Thomas Barrack.

The aim of the meeting was to accelerate the reconnection of Syria's banking system to the global financial system and Husriyeh extended a formal invitation to US banks to re-establish correspondent banking ties.

"We have two clear targets: have US banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks," Husriyeh told Reuters.

Among the banks invited to Wednesday's conference were JP Morgan, Morgan Stanley and Citibank, though it was not immediately clear who attended.