Adnoc holds 60 per cent stake in Al Yasat, with the remainder held by China’s CNPC.
“The NPCC was selected after a rigorous tender process that ensures it will deploy best-in-class technology and expertise to execute this strategic project, with a substantial part of the award value flowing back into the UAE’s economy,” said Adnoc's upstream executive director Yaser Almazrouei yesterday.
About 65 per cent of the award value will flow back to the UAE, according to Adnoc’s in-country value programme.
The Belbazem block, which lies 120 kilometres north-west of Abu Dhabi city, is also expected to produce 27 million cubic feet per day of associated gas by 2023.