Redirect more than 75% of the total contract value to the local economy

ADNOC invests 3.47 billion dirhams in the development of "Umm Al Sheif"

ADNOC: Investment preserves the energy security of the UAE and partners around the world.

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The Abu Dhabi National Oil Company (ADNOC) announced yesterday the award of a contract worth 3.47 billion dirhams ($946 million) to carry out engineering, procurement and construction works for the sustainable development project of the strategic Umm Shaif field.

The company stated in a statement that investment in this project supports ADNOC's plan to increase its crude oil production capacity to five million barrels per day by 2030, and maintain energy security for the UAE and partners around the world.

According to the statement, ADNOC Offshore Company, a subsidiary of ADNOC, awarded the contract to the National Petroleum Construction Company, following a rigorous and competitive bidding process.

The scope of the project contract covers the engineering, procurement, manufacturing, installation and commissioning activities required to maintain the Umm Shaif field’s production capacity of 275,000 barrels per day, raising efficiency and enhancing the field’s potential in the long term.

More than 75% of the total contract value will be redirected to the local economy, through the "ADNOC In-Country Value Enhancement Program", which confirms ADNOC's keenness and commitment to contribute to stimulating economic growth and diversification to support the objectives of the "50 Principles" as defined by the leadership, and with Ensures that more value is achieved, and that it is kept locally within the country through the contracts that you award.

Yasser Saeed Al Mazrouei, CEO of ADNOC's Exploration, Development and Production Department, said that awarding this important contract for the Umm Shaif field development project contributes to raising efficiency, while at the same time maintaining production rates in the future, and supporting ADNOC's goal. » The strategic objective of increasing the production capacity of crude oil to five million barrels per day by 2030. This step also reflects ADNOC's commitment to maintaining its leading position as one of the least expensive oil producers in the world, and enhancing its role as a reliable provider of energy to customers around the world. He added:“We are pleased to cooperate again with a national company (National Petroleum Construction), which has the expertise, advanced technologies and a track record of achievements in this field,” pointing out that the high in-country added value resulting from this contract will contribute to stimulating and supporting the economic growth of the UAE, and providing opportunities To engage and support the local private sector, in line with leadership directives.

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