MEOG: NMDC lands island-building deal
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Abu Dhabi’s National Marine Dredging Co. (NMDC) has been awarded a $136.7mn deal by the emirate’s NOC to build an artificial island in support of the company’s ambitious oil and gas capacity expansion programme.
NMDC made the announcement in a release to the Abu Dhabi Securities Exchange (ADX), which provided little detail.
The company will build the Al Nouf artificial island, which is dedicated to the expansion of the oilfield of the same name from the current level of 160,000 barrels per day to 175,000 bpd, a target originally expected to be reached by the end of the year. Al Nouf has been producing since 2005 and since 2021, ADNOC has been undertaking a $187mn investment to drive the expansion. This project includes at least 20 production wells and a broader roll-out of enhanced oil recovery (EOR) via water and gas injection.
Artificial islands are key to ADNOC’s efforts to raise oil production from the current 4.2mn bpd to 5mn bpd and achieving gas self-sufficiency. The target for oil was recently brought forward from 2030 to 2025 owing to strong recent progress, while the completion date for the vaguer gas ambition remains the end of the decade.
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