UAE-owned Adma-Opco awards $766 million contract to local firm
State-owned Abu Dhabi Marine Operating Co (Adma-Opco) has awarded a 2.8 billion dirhams ($766 million) contract to a local firm to develop an offshore field as its expands production of crude oil.
The engineering, procurement and construction (EPC) contract to develop the Umm Lulu field has been awarded to Abu Dhabi-based National Petroleum Construction Company (NPCC), Adma-Opco said in a statement on Thursday.
The Umm Lulu field development is part of Adma-Opco's plans to add around 300,000 barrels per day (bpd) of oil output from three fields to lift production to about 1 million bpd of oil by 2020.
Currently, Adma-Opco's production is 600,000 bpd of oil.
"Offshore developments are playing a key role in Abu Dhabi's efforts to increase its crude production capacity to . million bpd from today's estimated .7 million bpd," the statement said.
Adma-Opco, a producer of offshore oil and gas, is a subsidiary of Abu Dhabi National Oil Company.