Saipem SpA and Maire Tecnimont SpA were among companies that won contracts worth $16.9 billion from the Abu Dhabi National Oil Co. for work on the Ghasha gas field in the Middle Eastern nation.
(Bloomberg) — Saipem SpA and Maire Tecnimont SpA were among companies that won contracts worth $16.9 billion from the Abu Dhabi National Oil Co. for work on the Ghasha gas field in the Middle Eastern nation.
Saipem and the UAE’s National Petroleum Construction Co. bagged a joint contract for $8.2 billion for offshore work, Adnoc said in a statement. Maire got a separate $8.74 billion for onshore engineering and construction.
The project will include 1.5 million tons of carbon capture, taking Adnoc’s total capacity to 4 million tons, according to the statement. The company is using the technology as a key part of its net zero emissions plan, planning to reach 10 million tons by the end of this decade.
The Ghasha field is set to start producing by the end of the decade. The gas will help Adnoc meet rising demand for global liquefied natural gas while providing electricity to more than 2 million homes United Arab Emirates, according to Adnoc’s website.
Adnoc is increasing gas production as consumers around the world look to switch from crude and coal toward cleaner burning fuel, even though gas is still a significant source of carbon and methane emissions. To meet that demand, the company is planning to boost its LNG export capacity, even as regional rival Saudi Aramco is also entering business.
Adnoc is the majority shareholder in the project, while Eni SpA, Lukoil PJSC, Wintershall DEA and OMV AG also hold stakes.
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