Among the countries in Mena region, the UAE is at the forefront when it comes to value of contracts awarded in the oil and gas industry 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 dollats contract on the development of the offshore Upper Zakum filed which is over 50% of the total value of contracts for EPC.
The mentioned improvements signify a crucial phase in the United Arab Emirates boost to expand its offshore activities to new fields. Also equally important is the country’s push to obtain sustainable oil production and modernization by means of successful integration of latest and expanding projects. These developments are placed on priority for an in-depth discussion at the upcoming UAE Oil and Gas Greenfield Projects Conference to be held on 10 to 12th of September 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 in the industry to enhance the quality of project executions.
The UAE will have an additional 2 major contracts in the second quarter this year on the Umm al-Lulu offshore oil field development, both will be valued more than 2 billion dollars. 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 main other billion dollar agreement in the Mena locale so far in the Q2 was Qatar Petroleum granting an arrangement to Taiwan’s CTCI and Japan-based Chiyoda Corp. This was for the $1.2 billion extension of its Ras Laffan refinery.