Abu Dhabi National Oil Company (Adnoc) awarded a $519 million contract to expand the scope of the world’s largest combined three-dimensional (3D) onshore and offshore seismic survey to discover new oil and gas resources in the emirate.
The contract was awarded to BGP, a subsidiary of China National Petroleum Company (CNPC), represented in the UAE by Al Masaood Oil Industry Supplies & Services Company, according to a statement from Adnoc on Thursday.
“This award builds on the solid progress we are making in executing the world’s largest combined 3D seismic survey, which is an important part of our strategy to accelerate the exploration and development of Abu Dhabi’s hydrocarbon resources,” Yaser Saeed Al Mazrouei, Adnoc upstream executive director, said.
“It further demonstrates Adnoc’s commitment to realising the full potential of our conventional and unconventional oil and gas resources to ensure the UAE remains a long-term and reliable energy provider to the world.”
The new contract increases the scope of ongoing surveys to capture coastal areas, islands, and shallow water, capturing 3D images of subsurface structures to pinpoint potential hydrocarbon reserves.
The data will then be used by successful exploration partners in a first block bid round and will be available to purchase for successful bidders who make it through to the second bid round, which will begin to be awarded this year following the SPC’s recent approval.
About 50 per cent of the total award value for the expanded scope is expected to flow back into the UAE’s economy to support local businesses in line with Adnoc’s 2030 strategy, according to Adnoc.