Adma-Opco set to award EPC contracts worth up to $2 billion in 2013

Dubai: Abu Dhabi Marine Operating Company (Adma-Opco) is expected to award up to $2 billion (Dh7.3 billion) worth of engineering, procurement and construction offshore contracts (EPC) in 2013, a person familiar with the developments at the company told Gulf News yesterday.

“The total value of contracts this year for mega-projects would range between half a billion US dollars to up to $2 billion,” the person said on the sidelines of an oil industry conference in Dubai.

Adma-Opco, a key oil-producing unit of the Abu Dhabi National Oil Company (Adnoc) could invest up to $19 billion in developing new oil fields, Ali Rashid Al Jarwan, chief executive of Adma-Opco, said in November. Al Jarwan said at the time: “New grassroot field development requires investment, and this will be between $10 billion to $15 billion in total by 2019 — if we implement all projects we are considering.”

“It seems that demand for oil will remain high and both supply and demand will continue to be tight for companies looking forward to developing traditional production. Oil prices continue to trade in the $80-$120 per barrel band, which provides assurance over the immediate outlook for investment,” said Al Jarwan.

Adma-Opco is pursuing 1 million barrels per day (bpd) production target and the majority of this will be completed by 2017, raising it from the current 600,000 bpd.