UAE: Adnoc squeezes costs, cancels Umm Shaif


Issue 1012 - 01 Apr 2016 | 1 minute read

Abu Dhabi National Oil Company (Adnoc) has approached contractors in search of cost reductions between 10% and 20% on major upstream development contracts, Upstream reported. New director-general Sultan Ahmed Al-Jaber – the UAE minister of state appointed to head Adnoc in mid-February – has ordered a review of major developments, seeking further cost reductions. The industry newspaper reported sources at four major contractors had received letters from Abu Dhabi Marine Operating Company (Adma-Opco) and other Adnoc units demanding cost reductions from signed contracts.

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