Abu Dhabi National Oil Co. (ADNOC) is investing $187 million to expand the production capacity of the Al Nouf oilfield to 175,000 barrels per day (bpd) by 2024 from the current 160,000 bpd.

The investment in the maturing field will help ADNOC to reach its 5 million bpd oil production capacity target by 2030, it said in a statement on its LinkedIn page on Monday.

The state-owned giant which pumps nearly all the oil in the United Arab Emirates, said more than 20 new wells will be added to the Al Nouf field. The use of water and gas injection will be expanded to enhance oil recovery.

ADNOC has awarded the engineering, procurement and construction (EPC) contract--lasting over 39 months--of the Nouf development to Abu Dhabi-based contracting company Robt Stone. More than 75 percent of the value of the contract is will be captured under the oil company’s in-country value program.

Al Nouf field is located approximately 85 kilometers southwest of Abu Dhabi and has been producing since 2005.

(Reporting by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here. 

© ZAWYA 2021