The first oilfield to be developed in Abu Dhabi without foreign shareholders is moving ahead with US$2.4 billion (Dh8.81bn) in contracts awarded, including plans for falcon-shaped islands.
Abu Dhabi National Oil Company (Adnoc) holds a 100 per cent interest in the Sarb development, unlike at other fields in the emirate where it retains a 60 per cent majority and spreads the risk and capital investment among the emirate and its foreign partners.
Abu Dhabi Marine Operating Company (Adma), which is carrying out the work for Adnoc, yesterday announced it had awarded a $1.89bn contract to Hyundai Engineering & Construction and a separate $515.4 million package to Petrofac to develop the Satah Al Razboot field.
Read more: http://www.thenational.ae/thenationalconversation/industry-insights/energy/adnoc-awards-2-4bn-sarb-contracts#ixzz2PNii0mac
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