UAE leads in oil and gas contracts

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Among the countries in Mena region, the UAE leads in value of contracts awarded in the oilUAE leads in oil and gas contracts and gas sector which totaled to $6.7 billion worth of engineering, procurement and construction (EPC) deals in the second quarter of 2013. Of the value, the Zakum Development Company (Zadco) has awarded a huge $3.7 billion contract on the development of the offshore Upper Zakum filed which is more than 50 percent of the total value of contracts for EPC.
The mentioned developments mark a crucial stage in the UAE’s push to expand its offshore activities to new fields. Also equally important is the country’s push to obtain sustainable oil production and innovation through successful integration of new and expanding projects. These developments are placed on priority for an in-depth discussion at the forthcoming UAE Oil and Gas Greenfield Projects Conference on Sept.10-12, 2013 in Abu Dhabi.
The conference will bring the entire value chain involved in the oil and gas projects sector. The integration of the oil and gas project infrastructure with technology is one of the key factors that have a significant impact to successful project implementation and commissioning. Organizers of the event hope to encourage cooperation within the sector to boost the quality of projects execution.
The UAE will have two more major contracts in the second quarter this year on the Umm al-Lulu offshore oil field development, both will worth in excess $2billion. The first project will be awarded to Abu Dhabi’s National Petroleum Construction Company (NPCC) while the other project is still to be decided.
The only other billion-dollar-plus contract in the Mena region so far in the second quarter was Qatar Petroleum (QP) awarding a deal to Taiwan’s CTCI and Japan-based Chiyoda Corporation, This was for the $1.2 billion expansion of its Ras Laffan refinery.