Abu Dhabi National Oil Company is investing $187 million to expand the production capacity of the Al Nouf oilfield from 160,000 bpd to 175,000 barrels per day by 2024.
The UAE, Opec's third-largest producer, plans to raise output capacity to 5 million bpd by 2030 and the expansion plan at Al Nouf is part of this, Adnoc said in a statement posted on its LinkedIn page on Monday.
Adnoc awarded the engineering, procurement and construction contract for the Nouf development to Abu Dhabi-based contracting company Robt Stone.
Around 75 per cent of the value of the contract will flow back to the UAE economy as part of Adnoc's in-country value programme.
Up to 20 wells will be added to the Nouf development, which will also use enhanced oil recovery to increase output from the maturing oil field.
Al Nouf oilfield, which has been producing since 2005, is located 85 kilometres south-west of Abu Dhabi.
Adnoc has so far awarded more than $1.5 billion worth of contracts over the last couple of months to increase production capacity across onshore and offshore oilfields in Abu Dhabi.
In July, the company awarded $763.7m worth of contracts to expand production from its offshore Upper Zakum and Satah Al Razboot (Sarb) fields.
It awarded the contracts for integrated rigless services across six of its artificial islands to Schlumberger, Adnoc Drilling and Halliburton.
In May, Adnoc also awarded a $744m contract to the UAE's National Petroleum Construction Company to fully develop the offshore Belbazem block.
Adnoc subsidiary Al Yasat, which is the state-owned oil company's joint venture with China National Petroleum Corporation, awarded the engineering, procurement and construction contract.
The Belbazem block is being developed to reach a production capacity of 45,000 bpd of light crude, with the first barrel of oil expected in 2023.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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The specs
Engine: 3.6 V6
Transmission: 8-speed auto
Power: 295bhp
Torque: 353Nm
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