UAE In-Focus — ADNOC awards $1.53bn contract to expand offshore oil operations to 5m bpd

This two-year contract covers the provision of 12 jack-up rigs and two island rigs (Shutterstock)
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Updated 10 October 2022
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UAE In-Focus — ADNOC awards $1.53bn contract to expand offshore oil operations to 5m bpd

DUBAI: Abu Dhabi National Oil Co. has awarded its subsidiary ADNOC Drilling a 5.62 billion dirhams ($1.53 billion) contract to expand its offshore operations to produce five million barrels per day by 2030 , according to Emirates News Agency WAM.

This two-year contract covers the provision of 12 jack-up rigs and two island rigs, and integrated drilling services, and will also allow the company to become self-sufficient in gas production.

ADNOC Upstream Executive Director Yaser Saeed Al-Mazrouei said: “Through this award, ADNOC Offshore will continue to responsibly harness the energy in Abu Dhabi’s waters, as we increase production capacity to meet the world’s growing demand for energy with lower carbon intensity oil and gas. ADNOC Drilling is a world leader in drilling and completion services.

Saudi ANB acquires stake in UAE-based Cashee

Arab National Bank announced an agreement with UAE-based tech startup Cashee to acquire equity in the latter, according to a statement. 

However, neither the amount nor the value of the share it took over was disclosed in the Saudi lender’s press release.

ANB intends to enhance its banking services to target younger generations and broadens financial knowledge and inclusion through this deal.

In addition, Cashee will be able to launch its banking and knowledge solutions, applications, and products in Saudi Arabia with the help of this partnership.

In 2020, Cashee was founded in Dubai to boost financial inclusion for the youth in the Middle East and North Africa region.

ANB’s net profit increased 28.76 percent to SR1.35 billion ($3.59 million) in the first half of 2022, compared to SR1.05 billion a year earlier.

DIFC approves UAE fintech Mamo

Dubai International Financial Center has granted regulatory approval to Mamo, a UAE fintech and financial services platform for Small and Medium Enterprises, according to a statement.

The Dubai Financial Services Authority has granted the company a license to carry out regulated activities in or from the DIFC, including money services.

With the license, Mamo can offer unmatched security and expand its products and services without user restrictions, the statement added.

In June 2021, Mamo received DFSA authorization to operate under the Innovation Testing License program, allowing it to test its business model in a controlled regulatory environment.

All regulated firms must comply with frameworks that require transparency, fairness, and efficiency. 

Businesses, consumers, and users of financial services offered by regulated companies, such as Mamo, are also protected, the statement said.


Saudi Aramco achieves significant progress in its gas production plan

Updated 26 February 2026
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Saudi Aramco achieves significant progress in its gas production plan

RIYADH: Saudi Aramco has announced the achievement of significant progress in its plan to expand gas production, with the start of production at the Jafurah field, the largest unconventional gas field in the Middle East, and the commencement of operational activities at the Tanajib Gas Plant, one of the largest gas plants in the world.

The oil giant aims to increase its sales gas production capacity by approximately 80 percent by 2030 compared to 2021 production levels, reaching nearly 6 million barrels of oil equivalent per day from total gas and associated liquids production, according to the Saudi Press Agency.

This is expected to generate additional operating cash flows ranging between $12 billion and $15 billion in 2030, subject to future demand for sales gas and liquids prices.

President and CEO of Saudi Aramco, Amin Al-Nasser, said: “We are proud to commence production at the Jafurah field and begin operations at the Tanajib Gas Plant. These are major achievements for Saudi Aramco and the future of energy in the Kingdom. Our ambitious gas program is expected to become a key source of profitability.”

He affirmed that these mega-projects contribute to meeting the growing domestic demand for gas, supporting industrialization and development in several key sectors, in addition to producing significant quantities of high-value liquids.

Al-Nasser expressed his gratitude for the support, trust, and attention that Saudi Aramco receives from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, crown prince and prime minister, noting that this has had the most profound impact on the company’s achievements and distinguished projects that serve the Kingdom’s Vision 2030.

The gas extracted from the Jafurah field is expected to support the Kingdom’s growth targets in key sectors such as energy, artificial intelligence, major industries, and petrochemicals, potentially providing a major boost to the Kingdom’s economy and strengthening its position among the world’s top ten gas producers.

Saudi Aramco began first producing unconventional shale gas from the Jafurah field in December 2025, with technology playing a pivotal role in unlocking the potential of the Jafurah field and establishing it as a global benchmark for unconventional gas development. 

Since its inception, the project has leveraged technology to help reduce drilling and stimulation costs and enhance well productivity, contributing to its strong economic prospects.

The Jafurah area covers 17,000 sq. km and is estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion barrels of condensates. The Jafurah field project aims to produce 2 billion standard cubic feet per day of sales gas, 420 million standard cubic feet per day of ethane, and approximately 630,00 barrels per day of gas liquids and condensates by 2030.

The Tanajib Gas Plant is a key pillar in Aramco’s strategy to increase gas processing capacities and diversify its energy product portfolio, helping to foster long-term economic growth. 

Operations began in December 2025, and its raw gas processing capacity is expected to reach 2.6 billion standard cubic feet per day in 2026. The start of operations at the Tanajib Plant coincided with the commencement of production from the Marjan field expansion and development program. 

The plant is distinguished by its digital integration, enhanced operational efficiency, capability to execute complex projects, and optimal use of resources. It processes raw gas associated with crude oil production from the offshore Marjan and Zuluf fields.

Aramco’s gas expansion is expected to create thousands of direct and indirect job opportunities, generating significant added value and strengthening its position as a reliable energy provider. 

It also helps meet the growing demand for natural gas and enhances its supply to national industries. 

The expansion strategy supports efforts aimed at achieving the optimal energy mix for local electricity generation, advancing the Kingdom’s liquid fuel displacement program, which will have a positive environmental impact, supporting the Kingdom’s ambition to achieve net-zero emissions by 2060, enhancing energy security, and contributing to building a more diversified national economy.