Abu Dhabi awards $1.6 billion survey project to China's CNPC

July 19, 2018 - 8:43 am

DUBAI, United Arab Emirates (AP) — The Abu Dhabi National Oil Company says it has awarded contracts worth AED 5.88 billion ($1.6 billion) to China's largest state-owned oil company to conduct what is says is the world's largest continuous 3D offshore and onshore seismic survey.

ADNOC said in a statement Thursday that BGP Inc., a subsidiary of China National Petroleum Company, will conduct the survey of 30,000 square kilometers (11,583 square miles) offshore and 23,000 square kilometers (8,880 square miles) onshore.

The deal between the two state-owned companies came as Chinese President Xi Jinping was starting a visit in the UAE capital looking to deepen economic ties.

ADNOC says the survey, to be completed by 2024, is an "important step in realizing the full potential of Abu Dhabi's conventional and unconventional oil and gas resources" as part of its 2030 growth strategy.

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