ADNOC's announced a deal with the National Petroleum Construction Company (NPCC) worth $946 million (AED 3.47 billion) for the ongoing development of its Umm Shaif oil field.
The investment will support the company's production capacity plan of extracting 5 million barrels per day by 2030 while ensuring energy security for the UAE.
NPCC will cover engineering, procurement, fabrication, installation and commissioning activities required to maintain Umm Shaif’s current 275,000 barrels per day.
Over 75 per cent of the total value of the contract will flow back in to the UAE economy under ADNOC’s In-Country Value programme, ensuring that more economic value remains in the country from the contracts it awards.
It also reinforces ADNOC’s commitment to the UAE’s ‘Principles of the 50’, the economic blueprint for sustainable growth announced by the UAE’s leadership in 2021.
#ADNOC has awarded an EPC contract worth nearly $1bn to NPCC for the development of Umm Shaif offshore field, with 75% of the total award value expected to flow back into the UAE's economy under ADNOC's In-Country Value program (ICV).#EnergyForLife pic.twitter.com/8E7LJ9dw6g
— ADNOC Group (@ADNOCGroup) January 5, 2022
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