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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

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    Egypt’s food industries contribute 24.5% of GDP

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    $36mln contract for construction of Duqm fisheries complex

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    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      Oman Construction Equipment Industry to 2028

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      $36mln contract for construction of Duqm fisheries complex

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      Madayn working on major Oman industrial city projects

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      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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      Iraq set to award new Faw Port deals

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        Fitch revises Saudi Aramco’s outlook to positive from stable

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        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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          Qatar’s hospitality sector peaks despite turbulent 2020

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          Staycations to stimulate Qatar’s hospitality sector

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

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          • Business & Economy
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            • Digital
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            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Trending Tags

            • CES 2017
            • Election Results
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          • Construction
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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Abu Dhabi National Oil Company consolidates offshore operations

              OBG

              October 9, 2016
              in Oil & Gas
              0

              Following a series of high-profile consolidations in Abu Dhabi this year, the Abu Dhabi National Oil Company (ADNOC) is the latest entity to enact structural changes in an effort to drive down costs and increase efficiency.

              In early October the state-owned oil firm announced the consolidation of two of its largest offshore subsidiaries, the Abu Dhabi Marine Operating Company (ADMA-OPCO) and the Zakum Development Company (ZADCO), into one entity, which will eventually manage all of the associated offshore oil concessions.

              The recent announcement dovetails with ADNOC’s emphasis on optimising costs and streamlining operations across the firm’s 19 subsidiaries and joint ventures, a process initiated at the beginning of this year.

              ZADCO currently operates three offshore fields. Its most important field, Upper Zakum, covers 1200 sq km and has approximately 50bn barrels in reserves. Oil is processed at a facility on nearby Zirku Island, along with oil from ZADCO’s Umm Al Dalkh and Satah fields.

              Meanwhile, ADMA-OPCO produces oil from two primary fields – Umm Shaif and Lower Zakum ¬– with crude transported to the company’s Das Island facilities for processing, storage and export.

              Offshore expansion
              As ADNOC looks to boost production levels – current output is 3.1m barrels per day (bpd), with a target of 3.5m bpd by 2018 – offshore development remains a central focus of the company.

              ADNOC’s offshore fields contribute a combined 1.2m bpd, with production expected to reach 1.7m bpd next year, thanks to output at the Satah Al Rasboot, Nasr and both Umm fields, as well as completion of the UZ750 project.

              The $10bn UZ750 development, which consists of the construction of four artificial islands, aims to increase daily production at the Upper Zakum field from 640,000 bpd to 750,000 bpd by next year.

              With Abu Dhabi’s offshore fields pointing to promising yields, the firm’s CAPEX spend has remained in line with past years to meet the company’s 2018 target. Meanwhile, international spending on exploration and production is expected to decline by 21% year-on-year in 2016, according to Barclays’ revised forecast released in March.

              While offshore fields are more technologically challenging, and thus more expensive to develop, recovery techniques such as dredging and the incorporation of artificial islands are helping to bring down the long-term costs of these ventures.

              Towards integration
              According to Sultan Al Jaber, CEO of ADNOC, the consolidation of the two entities represents a logical next step in achieving the company’s objectives around people, efficiency, performance and profitability.

              “Importantly, it will unite our offshore experience, streamline governance and decision making, and give management a better line of sight through the company’s operations,” he said in a company statement released earlier this month.

              The operating costs of ADMA-OPCO’s Satah Al Rasboot field, for example, whose two artificial islands were completed in 2014, were already set to be reduced with a move to link services with Zirku Island, itself belonging to ZADCO.

              Additionally, the combined Upper and Lower Zakum fields previously divided between ADMA-OPCO and ZADCO, respectively, together constitute the largest single offshore field in the world in terms of reserves.

              Concession arrangement
              ADNOC’s international partners are also working with the firm throughout the integration process.

              Currently, ADNOC holds a majority share of ADMA-OPCO at 60%, with the remaining shares owned by BP (14.67%), Total (13.33%) and the Japan Oil Development Company (JODCO, 12%). Likewise, ZADCO is a partnership between ADNOC (60%), ExxonMobil (28%) and JODCO (12%).
              In the near term, a steering committee has been appointed by ADNOC and its joint venture partners to oversee the integration, with the consolidation process expected to be completed by early 2018.

              “The existing concession rights of our partners in the concessions currently operated by ADMA-OPCO and ZADCO will not be affected by the consolidation,” Al Jaber said in a company statement released in early October.

              However, international firms are positioning themselves for the expiration of ADMA-OPCO concessions in 2018; ZADCO’s concessions do not expire until 2041.

              Consolidation across the board
              ADNOC’s consolidation is the latest in a series of moves in the emirate.

              In August Abu Dhabi-based investment and development company Mubadala Development Company, which owns Mubadala Petroleum, merged with the International Petroleum Investment Company, with $125bn of combined assets. This consolidation brings together two of the emirate’s most important investment companies, offering a wide range of domestic and international energy portfolios.

              This followed the announcement of a $175bn merger between National Bank of Abu Dhabi and First Gulf Bank in July.
              Oxford Business Group
              9 October

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