Petrofac secures $2.3b contract to develop Asab oil field in Abu Dhabi

Abu Dhabi: Oil and gas services provider Petrofac has been awarded a $2.3 billion contract by Abu Dhabi Company for Onshore Oil Operations (ADCO) for the development of the onshore Asab oilfield.

Under the contract, Petrofac will provide engineering, procurement and construction services to upgrade the production capacity of the Asab field.

"This award is a clear indication of Abu Dhabi's commitment to achieving its future production targets and such an investment clearly indicates that the UAE will continue to play an active role in future energy supply," said Abdul Munim Al Kindy, ADCO general manager.

The rejuvenation of the Asab field is central to ADCO's overall development plan to increase its production and achieve the committed 1.8 million barrels of oil per day contributing towards achieving the country's additional production.

Petrofac will also upgrade the facility's capacity to accept increased production from other oilfields.