What’s the big deal at WFES?

The MoU will signal closer collaboration between Denmark and the UAE and focuses on nine key areas, including policy exchange on sustainable development, advancing carbon capture, usage and storage capacities and commercial renewable energy development.

The MoU was signed by the UAE’s minister of state, HE Dr Sultan Al Jaber, and Danish minister of development cooperation, Rasmus Helveg Petersen.

In his speech, Crown Prince Frederick praised the UAE for its proactive attitude.

“It is in many ways surprising that the UAE, a major exporter of fossil fuels has enthusiastically embraced renewables. It would have been much easier to just reap the huge economic benefits of this massive riches. Instead they squarely confronted some crucial facts about our energy future,” he said.

“Even the abundant oil and gas reserves in the UAE will eventually run dry. The country consequently needs to diversify its economy sooner rather than later. A diversified society and economy will provide returns and various opportunities for the well-educated young Emirati men and women entering the labour force every year,” he said.

Speaking shortly after the announcement, the Danish ambassador to the United Arab Emirates, HE Poul Hoiness, said that the deal would benefit both nations, in terms of knowledge and investment.

Article continues on next page …

Adma-Opco signs $885m contract with NPCC
The Abu Dhabi Marine Operating Company (Adma-Opco) signed an $885m dollar Engineering, Procurement and Construction (EPC) contract with the National Petroleum Construction Company (NPCC).

The deal was announced to the press at the World Future Energy Summit (WFES) in Abu Dhabi and focuses on the first phase of the Lower Zakum Oil Lines Replacement Project.

Adma-Opco are attempting to increase production capacity at the Lower Zakum Field as part of an initiative to raise the company’s production from 600,000 bpd to 1 mbpd by 2020. This ties in with ADNOC’s overall production target of 3.5 mbpd by 2020.

“It is our pleasure to have NPCC with us in this highly significant project. NPCC have demonstrated their competitive edge in terms of pricing, schedule and willingness to do the project,” said Ali Al-Jarwan, chief executive officer of Adma-Opco.

Al-Jarwan also confirmed that the project meets Abu Dhabi National Oil Company’s (Adnoc) guidelines for sustained oil production, under Adnoc’s code of practice on environmental management and sustainability.

This is the third deal to be struck between the two companies within the last 12 months.