Vallourec has been awarded a contract by Abu Dhabi National Oil Company for the supply of tubing. The Abu Dhabi National Oil Company (ADNOC) is implementing an integrated gas strategy. Abu Dhabi National Oil Co. (ADNOC) has big plans for Ruwais City, a community located near the company’s massive. It casing, over a five year period, with a possible 2-year extension, for $900 million. will sign an agreement with Saudi Aramco and Indian companies on coming Monday. Company has signed a project development agreement with Spain’s Cepsa for a new linear alkylbenzene (LAB) facility.
The contract covers a range of products, from standard API to high end premium OCTG. Abu Dhabi National Oil Company (ADNOC) is setting up a new trading unit to handle its crude oil. Austrian oil and gas group OMV said it will take a 20 percent interest in two oilfields. State oil giant Abu Dhabi National Oil Co (ADNOC) plans to build the world’s largest integrated refining. Abu Dhabi National Oil Company (ADNOC) generates almost all of the United Arab Emirates’ oil. Vallourec will supply a large range of “from mill to rig” services as part of its new Vallourec.smart services program.
“We are delighted that ADNOC, the national oil company of Abu Dhabi”, said Edouard Guinotte, senior vice president Middle-East/Asia.
It will bump up its oil production capacity to four million barrels per day (MMbpd) by the end of 2020. The award represents one of the largest awards received by Vallourec to supply international markets. It evidences the successful strategy and transformation of the Group. It planned $44 billion refinery and petrochemical project in India. The LAB facility can be used in the production of detergents, paints and cosmetics. It underlining the competitiveness of its new manufacturing routes as well as its comprehensive offer of products and services.
Major oil producers are targeting Asia, where fuel demand is growing, as a stable outlet for their oil. OMV and ADNOC agreed a year ago to evaluate joint opportunities. The award of contracts with a combined scope that is one of the world’s largest for tubing. “The deal will be signed on last Monday,” said a government source. The national oil company plans to invest $45 billion over the next five years. It including the exchange of know-how in refining operations and cooperation on downstream technical. One of the key Group customers has renewed its confidence to Vallourec by awarding this contract.
Abu Dhabi National Oil Company (ADNOC) plans to invest $45 billion over the next five years. The new business will be part of ADNOC’s Marketing, Sales and Trading Directorate. It underscores ADNOC’s optimization efforts to drive commerciality across the growing portfolio. The unit will introduce and manage non-speculative trading to further maximize value from every barrel. It’s enabling Vallourec to accompany ADNOC in its long term strategy. The AED 165 billion (USD 45 billion) investment in downstream operations. Middle East oil producers are branching out into trading crude oil.
The successful track records in Quality, Health & Safety, and Environment have been decisive. The centrepiece of ADNOC’s strategy is the Ruwais industrial complex. OMV said on Thursday that it would acquire a 20 percent interest in the concession for the offshore oilfields. The contract is a new milestone in longstanding relationship with ADNOC. The goal by 2025 is to transform Ruwais into the largest integrated refining. It refined products to boost incomes following a sharp drop in oil prices since mid-2014. Saudi Aramco in April signed a deal with Indian state refiners for a 50 percent stake.
The Austrian group wants to build up its Middle East operations to match the size of its Russian business. Al-Jaber said the company also plans to make unexplored blocks of oil in the UAE. The Supreme Petroleum Council (SPC) approved the strategy and ADNOC’s capital investment growth plan of $132.33 billion. Al Jaber and other dignitaries on last Monday unveiled a new branding initiative for Ruwais city. The LAB agreement follows the signing last November of a memorandum of understanding (MoU). It reduce reliance on Russia, and said last month that it is ready to spend 10 billion.
Currently, ADNOC’s downstream portfolio at Ruwais includes 922,000 barrels per day (bpd) of crude. Indian Oil Corp, the country’s top refiner, owns 25 percent stake in the project. ADNOC aims to take full advantage of rising demand for higher value refined. Vallourec will provide added value, with increased flexibility. It is testament to targeted approach to engage with value-add partners. It announced last year that it would split its ADMA-OPCO offshore concession into three areas. The technical expertise included within new services and digital offer Vallourec.smart.
Edouard Guinotte says “We will contribute to ADNOC’s In-Country Value Program”.
ADNOC unveiled plans to build a third refinery at Ruwais by 2025. After completing a feasibility study, the LAB project will now move to the Front End Engineering Design (FEED) stage. Tubing and casing will be supplied from Vallourec’s mills in Europe, South America and China. The combined scope of the awards reflects the forecasted requirement for casing. OMV said it expected to sign the deal with ADNOC at the end of September. The new gas strategy will add potential resources that will help the United Arab Emirates to achieve gas. Aramco had said in April it may introduce a strategic partner to share its 50 percent stake.
The historic gas self-sufficiency strategy marks an important new. It would be ADNOC’s second investment in Indian oil and gas sector. ADNOC had held talks with Royal Dutch Shell. The firm noted that it plans to increase conventional drilling by 40 percent by 2025. The drilling growth stems from ADNOC’s target to reach 4 million barrels per day. The LAB manufacturing facility will be fully integrated within the ADNOC refining complex. ADNOC also announced new gas discoveries, which total 15 trillion standard cubic feet. The deliveries are expected to start from second half of 2020.