posted on 23/09/2012: 1673 views
Zakum development company, (ZADCO), awarded the Engineering, Procurement and Construction, (EPC1), contract for the development of the offshore Upper Zakum field to the NPCC and Technip consortium led by NPCC.
The contract was signed at ZADCO's head office in Abu Dhabi on 19th September 2012 by Saif Al Suwaidi, ZADCO Chief Executive Officer and Aqeel Madhi NPCC Chief Executive Officer.
Following the signing of the contract, Al Suwaidi said that "I would like to thank NPCC and Technip for their interest in working with ZADCO. The project is a milestone in the history of ZADCO and Abu Dhabi. The consortium will therefore, play a significant role in achieving this project.
"Tremendous effort is also awaiting ZADCO, contractors and all related parties. I wish you all success in completing the project according to plan".
Madhi on the other hand stated that "we thank ZADCO for giving us this opportunity. It is an honour for us at NPCC to handle this important contract. It is one of the largest contracts ever signed by NPCC in the UAE. It took enormous effort from NPCC and its partner Technip to accomplish this feat. Both ZADCO and NPCC have been working together for the past three decades and we have great cooperation and understanding. NPCC will exert all efforts in completing the project on time to ZADCO's full satisfaction and acclaim and we will definitely succeed EPC1 scope of work includes about 240 Km of sub-sea pipelines, 128 Km of Subsea Composite and Fibre Optic cables beside the initial production facilities and Brownfield modification. The project is due for completion within 36 months.
Since 2009, ZADCO has implemented a production program to increase capacity at Upper Zakum field, and to tap undeveloped reservoirs.
The capital expenditure for the UZ750 upgrade is estimated at over US$10 billion. It represents part of ADNOC's long term strategy to increase and sustain Abu Dhabi's oil production capacity by 2017.
The fundamental objective of UZ-750 extends beyond boosting the production from 550,000 b/d to 750,000 b/d. It will serve securing the production sustainability through gradual transition to the islands in addition to enabling capturing the upside potential from this super giant field.
ZADCO, part of ADNOC group of companies, is a prominent oil company mandated by ADNOC to manage and operate upper Zakum field and two other smaller fields, Umm Al Dalkh and Satah to meet shareholder's expectations.– Emirates News Agency, WAM
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