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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
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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.

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Business

China's May Fuel Oil Exports Rise 42% Year-on-year

An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
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China's May Fuel Oil Exports Rise 42% Year-on-year

An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo

China's exports of fuel oil, mainly for low-sulphur marine fuel bunkering, rose 42% year-on-year in May, customs data showed on Saturday.

Volumes totaled 1.76 million metric tons, or about 360,695 barrels per day (bpd), up 4% from April, according to General Administration of Customs data.

Some marine fuel demand had been diverted from regional hub Singapore to China's Zhoushan due to cheaper prices at Chinese ports during most of ⁠May, market sources ⁠said.

Fuel oil imports in May extended declines after plummeting last month to what was then the lowest level since customs data for them began in 2021.

Imports of fuel oil totaled 559,346 tons ⁠in May, down 43% from April and 57% from a year earlier.

The imports, mostly purchased by refineries for use as feedstock, remained capped this quarter as China's independent refineries trimmed runs amid weak domestic demand for products, market sources said, according to Reuters.

Business

Saudi Arabia Expands Investment Prospects in Military Industries

The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)
The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)
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Saudi Arabia Expands Investment Prospects in Military Industries

The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)
The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)

Saudi Arabia used the Eurosatory 2026 defense and security show to open new investment horizons, showcasing promising opportunities and a regulatory environment designed to attract capital.

The participation helped sharpen the appeal of the Kingdom’s military industries and drew the attention of major global companies seeking strategic partnerships that support Saudi localization targets.

The Saudi pavilion, held at the Paris exhibition from June 15 to 19, reinforced the Kingdom’s position as a leading investment destination in the military industry sector.

Organized by the General Authority for Military Industries (GAMI), the pavilion brought together 10 government and private entities alongside the authority.

The participation underlined Saudi Arabia’s welcome to investors from around the world seeking opportunities in the military industries sector. It also highlighted the Kingdom’s efforts to localize more than 50% of military spending by 2030.

On the sidelines of the exhibition, GAMI Governor Ahmad Al-Ohali met Patrick Pailloux, French Director General for Armament (DGA), as well as representatives of major global defense companies.

The meetings focused on ways to strengthen cooperation in military industries and exchange expertise, supporting the development of a sustainable sector, improving the readiness of military equipment, boosting self-sufficiency and contributing to the national economy.

The Saudi participation also saw the signing of several agreements and memorandums of understanding, part of GAMI’s efforts to develop military industries, strengthen supply chains and enable strategic partnerships.

The authority organized a workshop titled “Developing Supply Chains in Military Industries,” which discussed how an attractive investment environment for local and international investors can help build a diversified and prosperous economy in the sector.

The pavilion showcased the integration of government efforts, national industrial and service capabilities, and the innovative technologies presented by participating Saudi companies. It also highlighted the country’s attractive investment environment and the rapid growth of its military industries sector.

The sector’s contribution to GDP rose from 2.2 billion riyals, or about $587 million, in 2021 to 6.6 billion riyals, or about $1.76 billion, in 2024. The localization rate of military spending also climbed to nearly 25% in 2024, as the Kingdom works toward localizing more than 50% of military spending by 2030.

GAMI said the Saudi pavilion’s participation strengthened the Kingdom’s position as a trusted international partner, expanded its network of relations with major global companies and enabled national firms to showcase their capabilities while exploring opportunities for growth and expansion in global markets.

Business

Iraq Raises Southern Oil Output to 1.75 Million bpd

Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
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Iraq Raises Southern Oil Output to 1.75 Million bpd

Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)

Iraq has increased crude oil production from its southern fields by 250,000 barrels per day to around 1.75 million barrels per day as more tankers load crude from the country's ports, Iraqi oil officials told Reuters on Friday, Reuters reported.

 

The officials said Iraq plans to raise production further to two million barrels per day in the coming few days.

 

Iraq, like other Gulf oil producers, has suffered the biggest drop in oil revenue as a result of the effective closure of the Strait of Hormuz amid the US-Iran War.