Al Dhafra Petroleum says Potential Resources for Crude Oil Discovered in 3 New Fields in Abu Dhabi
Business 4 July 2019 Arabia Day Newsdesk 0
Al Dhafra Petroleum announced Tuesday it has begun producing crude oil from Abu Dhabi’s Haliba field and discovered potential resources in three new fields in its concession area.
Al Dhafra Petroleum is a joint venture between the Abu Dhabi National Oil Company (ADNOC), the Korea National Oil Company (KNOC) and GS Energy, one of ADNOC’s youngest operating companies.
Haliba field, located along the southeast border of Abu Dhabi emirate, is a building block of ADNOC’s oil production capacity growth to four million barrels per day by the end of 2020.
ADNOC said the initial production from the field would progressively increase to 40,000 bpd by the end of 2019 as Al Dhafra Petroleum further unlocks the substantial potential of the field.
Al Dhafra Petroleum embarked on an extensive appraisal program in Haliba field that enabled it to discover 1.1 billion barrels of original oil in place (OOIP), a significant increase from the 180 million initially estimated.
At the same time, it discovered potential resources in three new fields – Al Humrah, Bu Tasah, and Bu Nikhelah – following intensive exploration programs.
“The start of production from Haliba field highlights the important role of energy cooperation in strengthening the close and deep-rooted strategic relationship between the UAE and South Korea,” said UAE Minister of State and ADNOC Group CEO Dr. Sultan Ahmed Al Jaber.
He added that ADNOC has a successful history of partnership with South Korea’s energy sector.
“We continue to place great importance on this strategic partnership as we accelerate delivery of our 2030 smart growth strategy,” Jaber noted.
“First oil from Haliba demonstrates our ambition to unlock and maximize value from all of Abu Dhabi’s oil and gas resources to create long-term and sustainable returns for the UAE and our partners as we respond to the world’s growing demand for energy.”
“ADNOC is committed to delivering a more profitable upstream business and expanding our oil production capacity, and the production from Haliba field is an integral part of achieving our targets,” Jaber added.
Al Dhafra Petroleum plans to accelerate oil production from these fields by utilizing modularized production units that provide swift and innovative production capability and will transport the oil for processing using trucks.
This efficient approach can unlock immediate value by reducing the oil’s ‘discovery-to-market’ cycle to less than two years, increasing profitability and shareholder value.
“Given the utmost importance of securing a stable oil supply source to Korea, successful first oil production in Haliba field is a very meaningful event,” said Chairman of the Trade, Industry, Energy, SMEs, and Start-Ups Committee of the National Assembly of South Korea Ilpyo Hong.
He added that the announcement will bolster the strategic bilateral relationship as the two countries’ mutual interests expand over the long term.
Al Dhafra Petroleum – 60 percent owned by ADNOC and 40 percent by KNOC and GSE Energy, which is represented by the Korean Abu Dhabi Oil Consortium (KADOC) – is focused on exploring and developing its concession areas to assess the commercial value of several promising fields through an agile operating model.
No comments so far.
Be first to leave comment below.