"According to Arab News: The UAE leads the Middle East &North Africa region in value of contracts awarded in the oil and gas sector, with Zakum Development Company awarding a $3.7 billion contract on the development of the offshore Upper Zakum field.
The contract is more than 50 percent of the total $ 6.7 billion worth of engineering, procurement and construction deals awarded so far in the region in the second quarter of 2013. The ground-breaking Upper Zakum Field Development project has a total budget of around $15.6 billion.
The contract is more than 50 percent of the total $ 6.7 billion worth of engineering, procurement and construction deals awarded so far in the region in the second quarter of 2013. The ground-breaking Upper Zakum Field Development project has a total budget of around $15.6 billion.
These developments mark a critical stage in the UAE’s push to expand its offshore output to new fields. Equally important, however, is the country’s push to optimize oil production, sustainability and innovation through successful integration of new and expanding projects.
The UAE is likely to award two more major contracts in the second quarter — both on the Umm Al-Lulu offshore oilfield development — which combined are worth in excess of $2 billion.
The only other billion-dollar-plus contract in the MENA region so far in the second quarter was Qatar Petroleum awarding a deal to Taiwan’s CTCI and Japan-based Chiyoda Corporation. This was for the $1.2 billion expansion of its Ras Laffan refinery".
