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2018-02-12 07:20:00

ADNOC'S INVESTMENT $3.1 BLN

ADNOC'S INVESTMENT $3.1 BLN

AOG - A $3.1bn project to introduce crude processing flexibility at the ADNOC-owned Ruwais oil refinery was announced yesterday.

Known as the Crude Flexibility Project (CFP), the announcement is another significant step forward as ADNOC accelerates delivery of its downstream refining strategy that aims to enhance margins by introducing asset flexibility, backed by strong crude and product marketing initiatives.

The announcement follows the awarding of the engineering, procurement and construction (EPC) contract, for the project, to a joint venture between Samsung Engineering (Korea) and CB&I (Netherlands).

The refinery modifications, scheduled to be completed by the end of 2022, will enable ADNOC's Ruwais refinery west complex to process up to 420,000bpd of Upper Zakum crude, or similar crude types from the market, liberating Murban crude, which commands a higher price on global oil markets, to be utilised for export sales.

Abdulaziz Abdulla Alhajri, director, ADNOC's Downstream Directorate, said: "Enabling the Ruwais refinery west complex to process Upper Zakum, or similar, medium sour crude, in place of Murban light sweet crude, will allow us to extract greater value from our crude resources. It will mean we can maximise the benefit of price differentials to enhance refinery margins, improve the middle distillate products and release valuable Murban crude into the market."

The planned modifications will add an atmospheric residue de-sulphurisation (ARDS) unit that will enable the refinery to process the Upper Zakum crude, or other similar crudes from the market. The ARDS technology is extensively used in upgrading medium to heavy petroleum oils and residues to more valuable clean environmentally friendly transportation fuels and to partially convert the residues to produce low-sulphur fuel oil and hydrotreated feedstocks.

As part of the selection criteria for the EPC contract, ADNOC Refining carefully considered the extent to which bidders would help to drive in-country value (ICV) for the UAE. By integrating ICV criteria into the commercial evaluation process, ADNOC aims to maximise spend on local goods and services, to support socio-economic growth, improve knowledge transfer, and create job opportunities for the UAE nationals.

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Earlier:

 ADNOC'S 2030 STRATEGY
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

 

 ADNOC INVESTMENT $100 BLN
2017, November, 29, 09:45:00

ADNOC INVESTMENT $100 BLN

ADNOC - The SPC approved ADNOC’s plans for capital expenditure of over AED 400 billion, over the next five years, as it embarks on its Upstream and Downstream expansion and growth projects. The SPC also approved ADNOC’s plans to explore and appraise Abu Dhabi’s unconventional gas resources, as the company seeks to enable future value creation from its untapped gas resources. And, the SPC gave the green light to ADNOC to pursue international downstream investments that will position ADNOC as a global player in the downstream market.

 

 ADNOC OUTPUT UP
2017, November, 17, 19:40:00

ADNOC OUTPUT UP

OGJ - ADNOC is increasing its total production capacity to 3.5 million b/d next year from about 3.1 million b/d at present.

 

 ADNOC & CNPC COLLABORATION
2017, November, 17, 19:35:00

ADNOC & CNPC COLLABORATION

OGJ - Abu Dhabi National Oil Co. (ADNOC) and China National Petroleum Corp. (CNPC) signed an agreement covering potential collaboration, including potential offshore opportunities and the sour gas development projects.

 

 BP: 10% SHAREHOLDER
2016, December, 20, 18:35:00

BP: 10% SHAREHOLDER

BP today signed an agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) that grants BP a 10% interest in Abu Dhabi’s ADCO onshore oil concession, which has a life of 40 years.

 

 ADNOC SIGNS DH 120 M
2014, April, 13, 20:10:00

ADNOC SIGNS DH 120 M

Adnoc signs new oil rig deal worth Dh120 million

 
Tags: ADNOC, INVESTMENT, UAE
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Chronicle:

ADNOC'S INVESTMENT $3.1 BLN
2018, October, 15, 12:01:00

GAZPROM - SHELL: BALTIC LNG

GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).

ADNOC'S INVESTMENT $3.1 BLN
2018, October, 15, 12:00:00

U.S. RIGS UP 11 TO 1,063

BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.

ADNOC'S INVESTMENT $3.1 BLN
2018, October, 12, 11:40:00

OIL PRICE: NEAR $81

REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.

ADNOC'S INVESTMENT $3.1 BLN
2018, October, 12, 11:35:00

OIL PRICES 2018 - 19: $74 - $75

EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.

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