ADNOC confirmed that expanding the scope of operations has an important role in enabling it to explore and identify new hydrocarbon resources, especially following the large discoveries of unconventional oil resources recoverable and the increase in conventional oil reserves announced by the Supreme Petroleum Council in Abu Dhabi, according to the Emirates News Agency (WAM).
The contract was awarded to BGB, a geophysical survey company affiliated with the China National Petroleum Corporation (CNPC), represented in the UAE by Al Masoud Petroleum Supplies and Services Company..
This contract raises the total area covered by the survey to 85,000 square kilometers.
50 percent of the total value of the contract will be redirected to the local economy through the ADNOC In-Country Value Program.
The survey will be carried out using modern, cable-free technologies and a wide range of environmentally friendly technologies and equipment.
“Awarding this contract reflects an important part of our strategy to accelerate the exploration and development of Abu Dhabi’s hydrocarbon resources,” said Yasser Saeed Al Mazrouei, CEO of ADNOC’s Exploration, Development and Production..“.
Al Mazrouei added, “This contract was awarded after a rigorous and competitive bidding process that included redirecting a large portion of the value of this contract to the local economy and supporting local private sector companies.”
The geophysical survey project uses techniques to provide extensive data and capture high-resolution three-dimensional images of complex geological structures deep below the Earth’s surface, helping to identify potential hydrocarbon reservoirs.
All the winning exploration companies benefit from this data in the first round of the competitive bidding they launched in Abu Dhabi as part of their strategy to issue licenses for new areas for exploration, development and production of oil and gas.
The survey data will be provided for a fee to the winning companies in the second round, the results of which will be announced this year following the approval of the Supreme Petroleum Council to start awarding new areas within this round..
A few days ago, the Supreme Petroleum Council in Abu Dhabi announced new discoveries of unconventional oil resources that can be recovered in land areas estimated at 22 billion barrels of oil, in addition to an increase in conventional oil reserves by 2 billion barrels of oil in the Emirate of Abu Dhabi.
These conventional oil reserves announced by the Council contribute to increasing the UAE’s reserves of conventional oil resources to 107 billion barrels of recoverable oil..