Billion dollar deals for ADIPEC
Posted: 4 November 2010
Over $4bn dollars of deals have been confirmed as a result of this year’s ADIPEC (Abu Dhabi International Petroleum Conference and Exhibition) with some of the biggest names in the global oil and gas industry securing contracts and re-confirming deals at the four day event.
"At the end of day three we had over 38,000 visitors, through the doors; this is almost as many as we had during the whole event in 2008, and with many more expected on the final day," said Hifazat Ahmad, event director of ADIPEC.
"There has been a real buzz on the show floor, whether its deals being discussed, relationships being formed or partnerships coming together. Many of these deals may have been in talks for months but companies recognize that ADIPEC is an ideal platform to sign on the dotted line and confirm the projects."
National oil company, ADNOC, announced that it has signed a deal worth $3bn with the Japanese Bk Consortium to fund its expansion as it aims to double production output by 2018. Leading UAE based cable manufacturer, Ducab, announced it has signed a $29.9m contract with China Petroleum Engineering & Construction to provide cables for a strategic pipeline that will be the first to deliver UAE crude directly to the Arabian Sea Coast, bypassing the Strait of Hormuz.
The UK’s Derrick Services Ltd (DSL) celebrated its expansion in the MENA region with the opening of its Algerian base and the awarding of a $3m contract from CTF of Tunisia for the engineering and project planning for the decommissioning of CTF Rig 05 from Platform 2.
BP's Abu Dhabi general manager Jay Pearson, said: “We are delighted to have been part of a very successful ADIPEC 2010. Hundreds of visitors to our stand expressed strong interest in BP's 70-year history and experience in Abu Dhabi. These were highlighted in video displays and interactive exhibits, which included a giant keyhole-shaped media table and touch-sensitive wall, all specially created for the show.
"Keynote speakers Charles Proctor, BP's regional president, and Jonathan Evans, general manager, Oman, led BP’s contribution to the conference, where BP contributed some 10 papers on BP's key oil and gas technologies. These included BP's Field of the Future programme, advanced seismic imaging, enhanced oil recovery, reservoir fracturing and tight and unconventional gas development technologies. The latter are being used in recently won contracts in Oman and Jordan," Pearson added.
Exhibitors have also been working closely together, including AlMansoori Specialized Engineering (MSE) and Camcon, who announced this week that they have entered into an agreement, which will see MSE supporting and installing Camcon’s product throughout a number of Middle Eastern markets, including in the UAE, Qatar, Saud Arabia and Iran. The most significant of these services will focus on the new Digital Intelligent Artificial Lift (DIAL) solution, APOLLO, which provides operators with unprecedented control and precision over gas injection.
CEO of MSE, Nabil Al Alawi, said: “Once again, this has been a very successful ADIPEC for AlMansoori, and we are delighted to announced this new partnership with Camcon Oil. As a locally founded and operated company, AlMansoori is honoured to be able to showcase its extensive portfolio at the event and take the opportunity to network with the international oil and gas industry. We have had a constant flow of footfall to our stand and look forward to doing business with the many contacts we have made.”