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stc Group Q1 net profit up 11.05%

The Group reported a revenue of $5.12 billion.

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

ADNOC Invests $187m to raise Al Nouf oilfield’s capacity

By TRENDS Desk
August 17, 2021 11:56 am
  • The company will add 20 wells to the Al Nouf field and expand the use of water and gas injection to enhance oil recovery.
  • It has awarded the 39-month engineering, procurement and construction contract of the Nouf development to Robt Stone.

DUBAI: Abu Dhabi National Oil Co. (ADNOC) will be investing $187 million to expand the production capacity of the Al Nouf oilfield to 175,000 barrels per day (bpd) by 2024 from the current 160,000 bpd.

The company said that the investment in the maturing field will help it to reach its 5 million bpd oil production capacity target by 2030. It said more than 20 new wells will be added to the Al Nouf field and the use of water and gas injection will be expanded to enhance oil recovery.

ADNOC, which pumps nearly all the oil in the UAE, has awarded the 39-month engineering, procurement and construction (EPC) contract of the Nouf development to Abu Dhabi-based contracting company Robt Stone.

The company said more than 75 percent of the value of the contract will be captured under its in-country value program.

Al Nouf field is located approximately 85 kilometers southwest of Abu Dhabi and has been producing since 2005.

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