The Al Yasat joint venture (ADNOC/CNPC) includes two concession blocks, one offshore and the other offshore/onshore. The offshore block contains Bu Haseer and numerous other oil and gas fields under appraisal and development including Belbazem, Umm Al Dholou, and Umm Al Salsal.
Bu Haseer is the first of these fields to be developed. Al Yasat estimates potential oil in place throughout the offshore block at 1.5 Bbbl, and the company is also assessing the commercial potential of the other block, southwest of Abu Dhabi.
NPCC will construct and install offshore facilities designed to double production capacity from Bu Haseer from the present 8,000 b/d to 16,000 b/d in 2020.
Over half the value of the contract will pass into the local economy via ADNOC’s In-Country Value program, designed to stimulate private sector partnerships and opportunities and to create additional employment for UAE nationals.
Tayba Al Hashemi, acting CEO of Al Yasat, said: “In little more than four years, along with our partners CNPC, we have moved from development planning to production from the Bu Haseer field.
“By any benchmark this is a significant achievement and we look forward with confidence to quickly moving Bu Haseer to full field development, enhancing the already attractive returns for ADNOC and our partners.”
Al Yasat was formed in April 2014 to conduct exploration, drilling and maintenance of wells for the extraction of crude oil from reservoirs; to construct, operate and maintain all necessary production facilities; and to export crude oil from the production wells to delivery points.