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ADNOC Awards $946 Mln Contract to Develop Umm Shaif Offshore Field

Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. (Reuters)
Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. (Reuters)
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ADNOC Awards $946 Mln Contract to Develop Umm Shaif Offshore Field

Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. (Reuters)
Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. (Reuters)

The Abu Dhabi National Oil Company (ADNOC) announced the award of a $946 million (AED3.47 billion) Engineering, Procurement, and Construction (EPC) contract for the strategic long-term development of its Umm Shaif field.

The investment supports ADNOC’s oil production capacity plans of five million barrels per day by 2030 while ensuring energy security for the United Arab Emirates and partners around the world.

The "Long-Term Development Plan – Phase 1" (LTDP-1) EPC contract was awarded by ADNOC Offshore to National Petroleum Construction Company (NPCC) after a competitive tender process.

The scope of the award covers engineering, procurement, fabrication, installation, and commissioning activities required to maintain Umm Shaif’s 275,000 barrels per day (mbd) crude oil production capacity, increase efficiencies and enhance the field’s long-term potential.

Yaser Saeed Almazrouei, ADNOC Upstream Executive Director, said: "This important award for the long-term development of ADNOC’s pioneer offshore Umm Shaif field will maximize efficiencies while maintaining future output and supporting ADNOC’s strategic objective of five million barrels of oil production capacity a day by 2030. "

"In addition, the development plan for Umm Shaif underpins ADNOC’s commitment to maintaining its position as a leading low-cost oil producer and strengthens our role as a reliable energy provider to customers around the world."

The EPC contract, which is due to be completed in 2025, comprises two packages for network expansion and new well-head towers.

The first package includes modifications and extensions of existing facilities with the installation of new subsea cables and pipelines for debottlenecking.

The second package includes the design of three lean well-head towers with associated six new pipelines.

The contract incorporates fit for the future technology including rigless electrical submersible pumps (ESP) and other digital field technologies, which will increase efficiencies while maintaining current production capacity.

Ahmad Saqer Al Suwaidi, CEO of ADNOC Offshore, said: “This contract is an important contributor to ADNOC Offshore’s plans as we build our production capacity to over 2 million barrels a day in the coming years in support of ADNOC’s smart growth strategy."

"The award follows a highly competitive bid process, which included a rigorous assessment of how much of the contract value would support the growth and diversification of the UAE’s economy through ADNOC’s ICV Program."

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Business

Gold Breaks $4,400 for 1st Time on Fed Rate-cut Bets, Silver Hits New High

FILE PHOTO: UK gold bullion bars are stacked at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars are stacked at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
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Gold Breaks $4,400 for 1st Time on Fed Rate-cut Bets, Silver Hits New High

FILE PHOTO: UK gold bullion bars are stacked at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars are stacked at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo

Gold jumped past the $4,400-per-ounce level for the first time on Monday, riding on growing expectations of further US rate cuts and strong safe-haven demand, with silver also joining the rally to hit an all-time high.

Spot gold was up 1.7% at $4,411.01 per ounce, as of 0822 GMT, having climbed down from the record high of $4,420.01 hit earlier in the day. Spot silver climbed 2.5% to hit $69.44, Reuters reported.

US gold futures for February delivery rose 1.3% to $4,444.00 per ounce.

Bullion has gained 67% ⁠so far this year, shattering multiple records and breaching the $3,000 and $4,000 per-ounce milestones for the first time. It is poised for its biggest annual gain since 1979.

Silver has surged 138% year-to-date, vastly outperforming gold, underpinned by robust investment inflows and persistent supply constraints.

"With December usually producing positive returns for gold and silver, seasonality is on their side," said StoneX ⁠senior analyst Matt Simpson.

"Given that gold has already risen 4% this month and we're nearing the end of the year, bulls may want to tread with caution as volumes are to deplete and odds of profit-taking are also likely on the rise."

Spot gold may extend gains to $4,427 per ounce, as it has broken a key resistance at $4,375, Reuters technical analyst Wang Tao said.

Traditionally viewed as a safe-haven asset, gold has been supported by heightened geopolitical and trade tensions, steady central bank buying and expectations of lower interest rates next year.

A ⁠softer dollar has provided an additional tailwind by making the metal cheaper for overseas buyers.

Markets are currently pricing in two US rate cuts for next year despite the Federal Reserve signaling caution. Non-yielding assets such as gold tend to benefit in lower interest rate environments.

Simpson said two Fed rate cuts were penciled in for 2026, with a faster US jobs slowdown and a shift to a more dovish Fed likely to add further upside to gold.

Elsewhere, platinum jumped 4.3% to $2,058.35, hitting its highest in more than 17 years, while palladium climbed 4.1% to $1,784.00, a near three-year high.

Business

UK Growth Revised Down in Second Quarter 

Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)
Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)
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UK Growth Revised Down in Second Quarter 

Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)
Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)

Britain's economy expanded less than initially estimated in the second quarter, according to revised official data released Monday, dealing a fresh setback to the Labour government.

Gross domestic product was revised down to 0.2 percent in the April-June period from a previous estimate of 0.3 percent, the Office for National Statistics said in a statement.

Growth in the third quarter stood at an unrevised 0.1 percent, the ONS said, marking a sustained slowdown from the 0.7 percent expansion recorded in the first three months of the year.

"The economy is still pretty weak and is heading into 2026 with very little momentum," noted Alex Kerr, UK economist at Capital Economics.

Prime Minister Keir Starmer has struggled to revive Britain's sluggish economy since his Labour party came to power in July 2024.

Finance minister Rachel Reeves raised taxes on businesses in her inaugural budget last year -- a decision widely blamed for causing weak UK economic growth and rising unemployment.

She returned in her November budget with fresh tax hikes to bring down government debt, this time hitting workers.

The Bank of England last week cut its key interest rate to 3.75 percent after UK inflation eased faster than expected and as the economy weakens.

Business

Saudi Finance Minister Says New Financial Control System Protects Public Funds

Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat
Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat
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Saudi Finance Minister Says New Financial Control System Protects Public Funds

Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat
Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat

Saudi Minister of Finance Mohammed Al-Jadaan has said that the new Financial Control System constitutes a “fundamental shift” in the control methodology and the improvement of the legislative framework for financial work in government agencies, through a more flexible and comprehensive model that focuses on empowerment and the protection of public funds.

Speaking at the 1st edition of the Financial Supervision Forum held at the General Court of Audit in Riyadh on Sunday, Al-Jadaan said the Kingdom must invest in national talent alongside regulatory reforms to build a modern financial oversight system.

He stressed the importance of enhancing institutional integration between the relevant authorities, especially between the Finance Ministry and the General Court of Audit, which contributes to unifying oversight efforts and reducing duplication.

According to Al-Jadaan, the success of this transformation depends on concerted efforts between regulatory authorities on the one hand, and authorities dealing with public money on the other hand, in a way that maximizes the impact in protecting public money and enhancing the efficiency of financial oversight.

President of the General Court of Audit Hussam Alangari also said that organizing the forum in partnership with the Finance Ministry comes within the qualitative transformation that Saudi Arabia is witnessing in financial oversight during an era in which the country holds a leading global position in the management of public finances, characterized by governance, responsibility, and a high level of transparency.

He told the forum that the General Court of Audit has had strong foundations that have strengthened its role and independence as the supreme authority for public financial oversight and auditing.

Alangari pledged to strengthen the “deep partnership” with the Finance Ministry, describing it as a partnership cemented by trust and built on the foundations of cooperation across various fields.

The partnership has resulted in qualitative leaps, most notably what has been achieved in the exchange of information through full technical integration between the Etimad and Shamel platforms, he said.