Redirecting 50% of its value to the local economy

ADNOC awards a contract worth 1.9 billion dirhams to expand geophysical survey

The new contract brings the total area that the survey will cover to 85,000 square kilometers.

■ from the source

Abu Dhabi National Oil Company (ADNOC) announced yesterday that it has awarded a contract worth 1.9 billion dirhams (519 million dollars) to BGB Company, to expand the scope of the three-dimensional geophysical survey project it is currently implementing in the Emirate of Abu Dhabi, which is considered the largest project. Survey of land and marine areas of the world.

"ADNOC" stated, in a statement yesterday, that "BGB" International specializes in geophysical surveying, affiliated to the China National Petroleum Corporation "CNBC", and represented in the UAE by Al Masoud Petroleum Supplies and Services Company.

She pointed out that the new contract raises the total area covered by the survey to 85,000 square kilometers, reinforcing ADNOC's commitment to seeking to benefit from the full potential of Abu Dhabi's rich hydrocarbon resources.

She explained that 50% of the total value of the contract will be redirected to the local economy through the ADNOC In-Country Value Enhancement Program, reflecting ADNOC’s continued priority to enhance in-country value during the implementation of its 2030 integrated strategy for smart growth.

She added that the contract will contribute to increasing the scope of extensive and continuous geophysical surveys to include coastal areas, islands and shallow waters, noting that the survey will be implemented using modern technologies without cables, and a wide range of environmentally friendly technologies and equipment.

The CEO of ADNOC Exploration, Development and Production, Yasser Saeed Al Mazrouei, said, “The award of this contract reflects the continuous progress that ADNOC is making in implementing this three-dimensional geophysical survey, which is the largest in the world, and which forms an important part of our strategy to accelerate The pace of exploration and development of Abu Dhabi's hydrocarbon resources ».

"This achievement confirms ADNOC's commitment and constant focus on achieving maximum value from Abu Dhabi's conventional and non-conventional resources of oil and gas, to preserve the UAE's position as a reliable provider of stable and secure energy supplies in the long term," he added.

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