S. Korean firm wins $2 billion contract for UAE offshore oil development

Special to WorldTribune.com

ABU DHABI — The United Arab Emirates has progressed in development of an offshore crude oil field.

united_arab_emirates_map_3The UAE project called for the second phase of development of the Nasser field off the coast of Abu Dhabi.

Executives said the UAE wanted to bolster production from the current 22,000 to 65,000 barrels per day by 2020.

In July 2014, the UAE’s Abu Dhabi Marine Operating Co. awarded South Korea’s Hyundai Heavy Industries a nearly $2 billion contract to build platforms and install cables under the Gulf. Under the project Hyundai would also construct gas treatment and other platforms.

The UAE has been focusing on offshore development in an effort to expand crude oil and natural gas capacity. Executives said the Nasser project also included the U.S. company KBR, assigned to conduct engineering design and support services.

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