Thursday, Sep 08, 2011
DUBAI (Zawya Dow Jones)--French engineering contractor Technip S.A. (TEC.FR) said Thursday it has won a $500 million contract in partnership with Abu Dhabi-based National Petroleum Construction Co. to develop the existing Satah oil field in the United Arab Emirates to help the oil-rich Gulf Arab state boost crude production capacity.
Under the engineering, procurement and construction, or EPC, contract awarded by Abu Dhabi's Zakum Development Co., or Zadco, the Technip/NPCC consortium will carry out the full field development, with the objective to maximize crude oil production and oil recovery, Technip said in an emailed statement. Technip's share of the contract is 35%, the company added.
Exxon Mobil Corp. (XOM) and Japan Oil Development Co., or Jodco, hold 28% and 12% stakes respectively in Zadco, while majority owner Abu Dhabi National Oil Co. owns 60%.
The offshore Satah field, located some 200 kilometers northwest of Abu Dhabi city, was discovered in 1975 and started production in July 1987, according to the Zadco website. Its oil is processed on Zirku Island in the Persian Gulf.
-By Oliver Klaus, Dow Jones Newswires; +9714 446-1693; Oliver.Klaus@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
08-09-11 0524GMT
