São Paulo – The state-owned Abu Dhabi National Oil Company (ADNOC), from the United Arab Emirates, has inked a deal to carry on the largest ever 3D seismic oil survey. It will search for oil in onshore and offshore sites covering an area of 53,000 square kilometers, according to a news feature published this Thursday (19) by the website Arabian Business.
The USD 1.6 billion contract was signed with BGP Inc, a subsidiary of China National Petroleum Co (CNPC), represented in the UAE by Al Masaood Oil Industry Supplies & Services Co. The contract was signed ahead of a state visit by China’s president, Xi Jinping, to the UAE. He arrived in the country this Thursday.
According to the news website Arabian Business, the survey will cover 30,000 km offshore and 23,000 km onshore. It will make use of customized ships for the offshore works and customized trucks for the onshore part of it. It should be completed until 2024.
ADNOC’s CEO, Sultan Ahmed Al Jaber, who’s also a UAE state minister, said that the survey with high-end technology is an important step to the full realization of Abu Dhabi’s potential in oil and gas, as part of the emirate’s growth strategy until 2030. The CEO mentioned the importance of the project for the strengthening of oil and gas reserves and production in the long term.
Abu Dhabi recently announced its first auction for oil exploration concessions. The emirate has in its area 96% of the UAE oil reserves, with the commodity accounting for 45% of its exports. Last year, UAE total exports totaled USD 315 billion, according to data from the Central Intelligence Agency (CIA).
Translated by Sérgio Kakitani
