Wednesday, Jul 18, 2012
By Summer Said
ABU DHABI--Abu Dhabi-based oil and gas services contractor National Petroleum Construction Co., or NPCC, said Wednesday it has jointly won with French group Technip SA (TKPPY) a contract to build facilities at the Upper Zakum offshore oilfield in the Gulf emirate.
The 36-month contract is for the first phase of Zakum Development Co.'s, or Zadco, expansion at its oilfield, which will lift current production of 500,000 barrels a day to 600,000 barrels per day, the firm said in a statement, but did not disclose the value of the contract.
Industry sources have said the contract is valued at 3 billion dirhams ($817 million).
NPCC said it will lead the group for the work for the first phase, which includes building facilities and undersea pipelines.
The second phase of the project, for which the bidding process is still ongoing, will lift the oilfield output to 750,000 barrels per day by 2015.
Zadco is 60% owned by government-owned Abu Dhabi National Oil Co., while Exxon Mobil Corp. (XOM) and Japan Oil Development Co., a unit of Inpex Corp. (IPXHY), hold 28% and 12% respectively.
Write to Summer Said at summer.said@dowjones.com
(END) Dow Jones Newswires
18-07-12 1515GMT
