Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE tops in region's oil and gas contracts  Join our daily free Newsletter

MENAFN - Arab News - 18/07/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The UAE leads the MENA region in value of contracts awarded in the oil and gas sector, with Zakum Development Company (ZADCO) awarding a huge 3.7 billion contract on the development of the offshore Upper Zakum field.

The contract is more than 50 percent of the total 6.7 billion worth of engineering, procurement and construction (EPC) deals awarded so far in the region in the second quarter of 2013. The ground-breaking Upper Zakum Field Development project has a total budget of around 15.6 billion.

These developments mark a critical stage in the UAE's push to expand its offshore output to new fields. Equally important, however, is the country's push to optimize oil production, sustainability and innovation through successful integration of new and expanding projects. These developments will be discussed in depth at the forthcoming UAE Oil and Gas Greenfield Projects Conference on Sept. 10-12, at the Sofitel Hotel in Abu Dhabi. The event will gather high-level participation from government and semi-government entities, financiers and investors, contractors, project managers and international operators and developers.

According to Middle East projects tracker MEED Projects, if contracts are awarded as expected, this quarter could be the biggest-spending period since the final quarter of 2011, with several major projects moving toward the construction phase. Since then, contract awards for each subsequent quarter have hovered between 5 billion and 10 billion, with spending dominated by Saudi Arabia, the UAE, Iraq and Iran.

The UAE is likely to award two more major contracts in the second quarter - both on the Umm Al-Lulu offshore oilfield development - which combined are worth in excess of 2 billion. The first package on Umm Al-Lulu is set to be awarded to Abu Dhabi's National Petroleum Construction Company (NPCC). The second package is still to be decided after France's Technip and South Korea-based Samsung Engineering were asked to resubmit bids in April.

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.

"There is an enormous potential for contractors looking to work on rehabilitation, upgrade and modification schemes in the GCC. This clearly defines the Middle East's brownfield market as one of the region's high potential markets. The Middle East Brownfield Projects Conference will focus on specific challenges and opportunities over the next 12 months," said Edmund O' Sullivan, chairman, of MEED Events, which organizes the conference.

 






  MENA News Headlines
 Jul 29 2014 - New additions to Local Harvest brand of datesKhaleej Times
(MENAFN - Khaleej Times) E dates come from farmers who have contracts with ADFSC and therefore practise date palm farming according to the centres standards.For the next three weeks the Abu Dhabi ...

 Jul 29 2014 - PayTabs to launch online solutions in Bahrain, SaudiMENAFN
(MENAFN) PayTabs, a payment processing solution company co-owned by Saudi Aramco, is set to launch its online payment processing solutions in Bahrain and Saudi Arabia, Gulf Daily News reported.The ...

 Jul 29 2014 - Mobily signs LTE-4G roaming deal with BatelcoMENAFN
(MENAFN) Mobily telecom has signed an LTE-4G roaming deal with Bahrini Batelco to provide customers with advanced Internet services, Arab News reported.This agreement coincides with Eid Al-Fitr ...

 Jul 29 2014 - Radiant During RamadanMuscat Daily
(MENAFN - Muscat Daily) Keep your skin and hair glowing and shiny even as you're fasting in this holy month. Some tips... Moisturise Your skin too gets dehydrated when you fast. It is ...

 Jul 29 2014 - Duqm Airport takes offMuscat Daily
(MENAFN - Muscat Daily) The newly opened Duqm Airport received its first Oman Air flight ahead of schedule on Wednesday with officials saying that the facility will serve as an air transport and ...

 Jul 29 2014 - Air fares rise by 35 as travellers rush to make the most of long breakMuscat Daily
(MENAFN - Muscat Daily) Fares of most airlines have gone up due to the increase in demand during Eid al Fitr holidays. The prices of tickets to different destinations have gone up by nearly 35 per ...

 Jul 29 2014 - MoHC invites bid for construction of $250mn Oman Cultural ComplexMuscat Daily
(MENAFN - Muscat Daily) After announcing the appointment of the UK-based international consultancy and construction company, Mace as project manager for the Oman Cultural Complex (OCC), the Ministry ...

 Jul 29 2014 - Moon sighting expected on Monday eveningMuscat Daily
(MENAFN - Muscat Daily) The crescent of the new moon is expected to be visible on Monday evening across all governorates in the sultanate, marking the beginning of the month of Shawwal, according to ...

 Jul 29 2014 - Pakistan's film industry becomes alive againArab News
(MENAFN - Arab News) HORE: A breed of brand new independent filmmakers is successfully filling the void left by an obsolete industry known as Lollywood.In many ways 2013 was an era-defining year for ...

 Jul 29 2014 - Pak-British singer faces death threats over Gaza supportArab News
(MENAFN - Arab News) NDON: Zayn Malik probably wasn't expecting the barrage of abuse he received from followers after he pledged his support for the #FreePalestine social media campaign The ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help