Media ININ Economy We Trust
Media IN ABU DHABI, 3rd July, 2019 (WAM)
Al Dhafra Petroleum, a joint venture between the Abu Dhabi National Oil Company (ADNOC), the Korea National Oil Company (KNOC) and GS Energy, and one of ADNOC’s youngest operating companies, announced, Tuesday, it had began producing crude oil from Abu Dhabi’s Haliba field and discovered potential resources in three new fields in its concession area.
The success of Haliba reinforces the UAE’s and South Korea’s strategic bilateral relations and reflects the importance ADNOC places on its long-term partnership with South Korea’s energy sector. Haliba field, located along the southeast border of Abu Dhabi emirate, is a building block of ADNOC’s oil production capacity growth to 4 million barrels per day by the end of 2020.
ADNOC said the initial production from the field would progressively increase to 40,000 bpd by the end of 2019 as Al Dhafra Petroleum further unlocks the substantial potential of the field.
Al Dhafra Petroleum embarked on an extensive appraisal program in Haliba field that enabled it to discover 1.1 billion barrels of original oil in place (OOIP), a significant increase from the 180 million initially estimated. At the same time, it discovered potential resources in three new fields – Al Humrah, Bu Tasah, and Bu Nikhelah – following intensive exploration programs.
This is the first time Al Dhafra Petroleum is producing crude since it was established in 2014 and, to commemorate the milestone, a special ceremony was held at ADNOC Headquarters,
Al Dhafra Petroleum plans to accelerate oil production from these fields by utilizing modularized production units that provide swift and innovative production capability and will transport the oil for processing using trucks.
This efficient approach can unlock immediate value by reducing the oil’s ‘discovery-to-market’ cycle to less than two years, increasing profitability and shareholder value.
