عربي English Türkçe اردو فارسى
Logo
Latest News
Business

ADNOC Invests $318 Million to Connect Smart Wells at BU Hasa Oilfield

The Bu Hasa asset is located 200 kilometers south of Abu Dhabi city. It is one of ADNOC’s oldest oil fields that have been producing since 1965. - WAM
The Bu Hasa asset is located 200 kilometers south of Abu Dhabi city. It is one of ADNOC’s oldest oil fields that have been producing since 1965. - WAM
TT
20
TT

ADNOC Invests $318 Million to Connect Smart Wells at BU Hasa Oilfield

The Bu Hasa asset is located 200 kilometers south of Abu Dhabi city. It is one of ADNOC’s oldest oil fields that have been producing since 1965. - WAM
The Bu Hasa asset is located 200 kilometers south of Abu Dhabi city. It is one of ADNOC’s oldest oil fields that have been producing since 1965. - WAM

The Abu Dhabi National Oil Company (ADNOC) announced Tuesday the details of an investment worth to $318 million (AED1.16 billion) to connect newly drilled smart wells to the main production facilities at Bu Hasa, which will sustain production capacity of 650,000 barrels per day (bpd) at ADNOC’s largest onshore asset.

The engineering, procurement and construction (EPC) contract has been awarded in two packages by ADNOC’s subsidiary, ADNOC Onshore, state news agency WAM reported.

The first package is valued at up to $158.6 million (AED582 million) and has been awarded to China Petroleum Pipeline Engineering Co. Ltd, while the second, with a value of up to $159.1 million (AED 583.9 million) - has been awarded to Robt Stone (ME) LLC.

The contracts's duration is up to three years, with the option of a two-year extension.

In this regard, Yaser Saeed Almazrouei, ADNOC Upstream Executive Director, said: "This EPC award demonstrates how ADNOC is leveraging advanced technologies, such as smart wells with state-of-the-art remote capabilities, to drive higher performance from our assets and resources, and to generate additional value."

"The award underpins our strategic objectives to expand production capacity and create a more profitable upstream business with over half of the contract value flowing back into the UAE’s economy, supporting local businesses and stimulating economic growth."

According to WAM, the EPC contract will see up to 260 conventional and non-conventional smart wells installed, which enable remote operations. The installed tie-ins will be different from traditional tie-ins previously used by ADNOC Onshore, as the contractors will procure all required equipment on an upfront basis allowing for faster construction and well hand-over.

In 2018, ADNOC awarded a contract for the Bu Hasa Integrated Field Development Project (BUIFDP) to increase the production capacity of the asset to 650,000 bpd and sustain long-term production as part of its strategy to expand its crude oil production capacity to 5 million bpd by 2030. This new award builds on the substantial progress made to date and will enable ADNOC Onshore to unlock greater value from the asset.

Most Viewed

 
Business

IMF Team Makes First Syria Visit Since 2009

Syrians attend Eid al-Adha prayers in the courtyard of the Tomb of the Unknown Soldier in Damascus, Syria, 06 June 2025. (EPA)
Syrians attend Eid al-Adha prayers in the courtyard of the Tomb of the Unknown Soldier in Damascus, Syria, 06 June 2025. (EPA)
TT
20
TT

IMF Team Makes First Syria Visit Since 2009

Syrians attend Eid al-Adha prayers in the courtyard of the Tomb of the Unknown Soldier in Damascus, Syria, 06 June 2025. (EPA)
Syrians attend Eid al-Adha prayers in the courtyard of the Tomb of the Unknown Soldier in Damascus, Syria, 06 June 2025. (EPA)

An IMF team visited Syria for the first time since 2009 to take part in efforts to rebuild the economy after years of civil war and the fall of Bashar al-Assad, the lender said Tuesday.

The International Monetary Fund's trip to Damascus took place from June 1 to June 5, and its team sought to discuss authorities' priorities and how to help achieve them.

Syria's economy and the country are a wreck after 14 years of war under Assad, who was ousted in December.

"Syria faces enormous challenges following years of conflict that caused immense human suffering and reduced its economy to a fraction of its former size," said Ron van Rooden, who led the visit.

Around six million people have fled the country while another seven million have been displaced internally, he noted.

"Output has plummeted, real incomes have fallen sharply, and poverty rates are high," he said, adding that state institutions have also been weakened with much infrastructure destroyed.

"There is great urgency to address these challenges and achieve a sustainable economic recovery," van Rooden said in a statement at the end of the mission.

Much of Syria's infrastructure has been destroyed by the war, which began with a bloody crackdown on peaceful anti-regime protests.

Longtime strongman Assad was ousted in a lightning offensive by opposition factions in December, and Syria's new government has sought to rebuild diplomatic ties, including with international financial institutions.

Last month, the IMF said it had held useful discussions with Syria's economic team.

The Fund's last comprehensive review of the health of the Syrian economy was done in 2009, before the outbreak of the war in 2011.

In April, Saudi Arabia and Qatar announced that they would settle Syria's debt to the World Bank totaling about $15 million.

The World Bank suspended operations in Syria when the war began. The settlement of its arrears will allow it to resume accessing the bank's financial support and technical advice.