UAE Cancels Offshore Gas Field Contract Due to COVID-19
[Asia Economy Reporter Kiho Sung] It has been reported that ADNOC, the UAE state-owned oil company, has canceled the contract for the Dalma gas field development project it signed two months ago with Petrofac, a UK energy plant specialist company.
Petrofac announced this on the 16th (local time). This development project involved developing the Dalma offshore gas field located 140 km off the northwest coast of Abu Dhabi, UAE, starting from 2022. The contract was valued at $1.65 billion (approximately 2 trillion KRW).
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This is the first time that an oil-producing country has canceled an energy project contract with a foreign company following the sharp decline in energy demand due to the COVID-19 pandemic and the production cut agreement by OPEC+ (a coalition of OPEC and 10 major oil-producing countries).
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