By Ayesha Daya
Jan. 25 (Bloomberg) -- Petrofac Ltd., the U.K. oil-services provider that’s part of a joint venture with the Abu Dhabi government, won a contract worth $2.3 billion to develop the Asab oilfield in the United Arab Emirates.
Tecnicas Reunidas SA, the Spanish builder of oil and gas plants, and Consolidated Contractors International SAL won another contract worth $1.2 billion to develop the Sahil and Shah oilfields, the Abu Dhabi Co. for Onshore Oil Operations said in a statement published on the state-run WAM news agency today.
The three fields will help Abu Dhabi Co., the onshore unit of state-owned Abu Dhabi National Oil Co., raise crude oil output to 1.8 million barrels a day by 2017 from 1.4 million barrels now, general manager Abdul Munim al-Kindi said in a newsletter last month. The U.A.E., the fourth-largest oil producer in the Organization of Petroleum Exporting Countries, produced 2.35 million barrels a day of oil in December, Bloomberg data show.
Abu Dhabi Co. had planned to reach the 1.8 million barrels a day target by the end of 2011, assistant general manager Fareed Abdulla told Bloomberg in November. The company had received the green light from shareholders including Royal Dutch Shell Plc and Exxon Mobil Corp. to seek renewed bids from oil services companies as energy prices dropped, Abdulla said.
Lump-Sum Contract
Petrofac will provide engineering, procurement and construction services to upgrade the production capacity of the Asab field under a 44-month lump-sum contract, the London-based company said in a statement received by e-mail today.
Abu Dhabi, which holds almost all of the country’s oil and gas reserves, has delayed its output target of 3.5 million barrels a day by eight years to 2018, Adnoc’s deputy chief executive officer Abdulla Nasser al-Suweidi said in November. The country was initially expected to reach the production level as early as next year, according to comments made by Oil Minister Mohamed al- Hamli in June 2007.
To contact the reporter on this story: Ayesha Daya in Dubai adaya1@bloomberg.net
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The Place Hotel Apartments has announced it will be expanding its Dubai offerings with The Place Palm Shoreline in Palm Jumeirah.
The property will be the company's second Dubai property following the opening of its hotel apartments in Park Place Tower on Sheikh Zayed Road in May 2008.
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