ADNOC awards $744m offshore development contract to NPCC

London, (Quantum Commodity Intelligence) – Abu Dhabi National Oil Company has awarded a $744 million contract for the development of the country's Belbazem Offshore Block to the National Petroleum Construction Company with the aim of developing the field to 45,000 barrels/day by 2023, local media reported Tuesday.

The development is expected to start producing oil in 2023 and forms a part of Abu Dhabi's plan to bring its total oil production to 5 million bpd by 2030.

"This award demonstrates our commitment to maximise value from all of Abu Dhabi's hydrocarbon resources for the benefit of the UAE and our partners," said Yaser Saeed Almazrouei, ADNOC Upstream Executive Director. 

The contract was awarded by Al Yasat Petroleum Operations Company, a subsidiary of ADNOC and joint venture with China National Petroleum Corporation.