UAE's Abu Dhabi National Oil Company (ADNOC) has been ramping up its upstream and downstream operations since the beginning of this year by awarding various offshore concession contracts to expand production capabilities.
The oil giant has awarded several concessions to international consortiums in some of its major offshore oilfields and put up six onshore and offshore blocks for bidding in its first oil and gas licensing round.
Separately, ADNOC Distribution, its retailing arm, became one of the first foreign companies to get a license to operate fuel service stations in the Kingdom.
Argaam has compiled a list of important awards and announcements made by the UAE's national oil company this year, in chronological order.
1) UAE's sour gas mega project
In January, ADNOC awarded two Front End Engineering Design (FEED) contracts for its planned offshore ultra-sour gas mega project, covering the Hail, Ghasha and Dalma fields. UK’s Bechtel was awarded Hail & Ghasha FEED contract, while UAE-based TechnipFMC bagged the deal for Dalma.
2) Ruwais refinery expansion
The state-owned oil company announced in February that it would invest $3.1 billion to introduce crude processing flexibility at its Ruwais refinery, accelerating its downstream strategy to boosting exports of benchmark Murban crude.
3) ONGC bags Lower Zakum concession
The oil firm awarded a consortium led by India’s Oil and Natural Gas Corporation (ONGC) a 10 percent stake in the new Lower Zakum offshore concession for a participation fee of $600 million.
4) Cepsa awarded offshore deal
Also in February, ADNOC awarded a 20 percent stake in its offshore SARB and Umm Lulu concession to Cepsa, a Spanish oil and gas company, for a participation fee of $1.5 billion.
5) Ruwais integrated refinery
In early March, the oil firm announced plans to build the world’s largest integrated refining and chemical site in Ruwais, which will triple its production of petrochemicals to 14.4 million tonnes annually by 2025.
6) Total wins offshore contract
ADNOC awarded a 20 percent stake in its offshore Umm Shaif and Nasr concession and a 5 percent interest in the Lower Zakum concession to French energy giant Total for a participation fee of $1.44 billion.
7) CNPC awarded oil concession
The UAE oil firm also awarded China National Petroleum Corporation's (CNPC) subsidiary PetroChina a 10 percent stake in the Umm Shaif and Nasr concession and a 10 percent stake in the Lower Zakum concession for a total fee of $1.18 billion.
8) Samsung awarded $3.5 bln contract
In late March, ADNOC's wholly owned subsidiary ADNOC Refining signed two contracts with Samsung Engineering Co., worth more than $3.5 billion, to introduce crude oil processing flexibility and a project to recover power and water in Ruwais oil refinery.
9) First oil, gas licensing round announced
Earlier this month, the state oil company announced its first competitive bidding round for six major onshore and offshore blocks that cover to unlock untapped energy resources. It plans to conclude the bidding round for two offshore and four onshore acreages this year after closing bids in October.
10) Fuel retailing in Saudi Arabia
Also in April, ADNOC Distribution was awarded a license to own, operate and manage fuel service stations in Saudi Arabia by the Kingdom’s Ministry of Municipal and Rural Affairs.
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