Posted on January 15, 2024
Abu Dhabi’s National Marine Dredging Company (NMDC) Group has secured a deal worth over $136 million from Abu Dhabi National Oil Company (ADNOC) to build an artificial island in Al Nouf, according to a bourse filing on Friday.
The state-owned oil giant has sent a letter of award to National Marine Dredging for the construction of the island, with an estimated value of $136.8 million, the company told the Abu Dhabi Securities Exchange (ADX).
NMDC did not provide more details about the project.
ADNOC’s long-term strategy aims to increase its oil production capacity to five million barrels per day by 2030.
In 2021, the company announced plans to expand the output capacity of its Al Nouf oilfield from 160,000 barrels per day to 175,000 barrels per day.
In June 2023, the oil firm awarded a $975 million deal to ADNOC L&S for the construction of an artificial island in the Lower Zakum oilfield, as part of a plan to ramp up the offshore site’s output to 520,000 barrels per day.