In the past year, we have seen a flurry of activity from the region’s largest oil and gas companies. An estimated $859bn worth of oil, gas and petrochemical projects are either underway, or planned in the MENA region. In 2018, national oil companies opened up. Saudi Aramco made a $10bn bond issuance, which was oversubscribed with $120bn orders. ADNOC pushed forth with its ultra-sour gas megaproject, the Ghasha Concession, awarding three foreign companies a combined 40% stake in the concession, a first for the company.
The Upstream Project of the Year category aims to recognise an ambitious and innovative project that optimises, or streamlines upstream operations, reflecting leading behaviour in the market.
ADNOC’s Ghasha Project won the award because it is representing one of four main pillars to achieve gas self-sufficiency for the UAE. The combined gas and liquids production will contribute substantially to the company’s 2030 growth targets. The project represents the future of project development in the company, with innovative technological and commercial solutions.
The project is fully representative for the Oil & Gas 4.0 concept, changing the way the company employ digital and technological solutions in line with the 4th Industrial Age, how the company enables and attracts people and environmental leadership, and how it uses and deepens partnerships at all levels.
"Thank you very much for the award; ADNOC has so many initiatives. We are very proud to be here today and hope to participate in future awards. We are here contributing to 2030 Vision and hopefully we are working towards more success stories," said Dr Adel Bin Subaih, vice president, undeveloped reservoirs projects division, Upstream Directorate, ADNOC.
The ‘highly commended’ nomination in this category is for Crescent Petroleum for its Kurdistan Gas Project.
For the latest refining and petrochemical industry related videos, subscribe to our YouTube page.