Amec Foster Wheeler has been awarded an extension to its project management consultancy contract to oversee the UZ750 oil and gas project off the coast of Abu Dhabi.
The company did not disclose a value for its contract award but said it would be delivered as part of an integrated project management deal with its client Zakum Development Company (Zadco), which is overseeing the contractor’s delivery of the project.
Zadco is a venture between Abu Dhabi National Oil Company, ExxonMobil and Japan Oil Development.
The UZ750 project is in the Upper Zakum oilfield, 84 kilometres north-west of Abu Dhabi. It is the second-biggest oilfield in the Arabian Gulf and comprises four artificial islands with associated drilling and production facilities.
Amec Foster Wheeler started work on the project in June 2008. The main contract work was split into two packages. One, worth US$800 million, was awarded to a consortium of contractors comprising Technip and the National Petroleum Construction Company in 2012. The second package, worth $3.7 billion, was awarded to Petrofac and Daewoo Shipbuilding and Marine Engineering in 2013.
Amec Foster Wheeler said the project was due for completion in December 2017. Once open, it will be capable of generating a million barrels of oil per day until at least 2050.
The contract extension “cements Amec Foster Wheeler’s continuing engagement in this strategically-important project”, said Roberto Penno, the firm’s group president for the Middle East, Africa and southern Europe.
“The Middle East is a key growth area for Amec Foster Wheeler and we look forward to continuing our relationship with Zadco on this next important phase of work.”
The credit ratings agency Standard & Poor’s this month said that it was expecting the UAE to run a budget deficit of 1.5 per cent per year between this year and 2018 because of lower oil prices.
Its forecast was based on an assumption that Brent crude prices would average $55 a barrel this year and rise to $65 a barrel next year.
Amec Foster Wheeler was formed after British firm Amec’s $3.2bn takeover of Switzerland-based Foster Wheeler last year.
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Israel Palestine on Swedish TV 1958-1989
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UAE currency: the story behind the money in your pockets
