The Abu Dhabi National Oil Company (ADNOC) on Wednesday November 13th announced a large investment valued at AED 1.8 billion ($489 million) to upgrade its Bab onshore oil field, Emirates News Agency (WAM) reported.
The investment aims to upgrade the facilities and infrastructure required to sustain long-term crude oil production of the Bab field over the long term, as one of ADNOC’s largest onshore fields.
The giant field is located 160 kilometres southwest of Abu Dhabi city.
The significant investment announced by the state-owned oil company is viewed as a step towards increasing ADNOC’s commitment to maximising value from the city’s hydrocarbon resources, as part of its efforts to implement the 2030 strategy of smart growth, according to WAM.
Earlier in November, ADNOC LNG, a subsidiary of ADNOC, announced the signing of supply agreements with subsidiaries of BP and Total, under which the majority of ADNOC's liquified national gas (LNG) production has been reserved until the first quarter of 2022.
With the signing of valuable deals, ADNOC LNG continues to expand its presence in new emerging markets and expand its geographic distribution.