According to a recent statement, Al Yasat, ADNOC’s joint venture with China’s CNPC, produced its first oil from the Bu Haseer 2 Offshore Platform in Abu Dhabi.
This is the second production platform on the Bu Haseer field which is expected to deliver 15,000 bpd and contribute to the target of achieving 4 million bpd of oil production capacity by the end of 2020.
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Earlier in January, Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO stressed that this year will be crucial to bring all stakeholders to the table, from investors and industry to civil society and academia, to work on practical solutions; forge true partnerships and further identify investment opportunities, as the UAE sets on a path “toward the next 50 years” and prepares for a future that will require more energy with less environmental impact.
According to the recent statement,
The success of the Bu Haseer full field development reflects the importance ADNOC places on its long-term partnership with China’s energy sector and highlights our continued success in developing challenging and tight oil fields.
In July, ADNOC signed a partnership framework agreement and a JV agreement worth up to $12 billion with China’s Wanhua Chemical Group. The deal foreseed collaboration in the downstream sector, according to ADNOC.
The agreement was inked on the sidelines of a three-day state visit to China by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed. In addition, the parties signed a shipping joint venture agreement building on a 10-year LPG supply contract signed in November 2018.
