Petrofac Ltd has announced that its the Dalma Gas Development Project of its Petrofac Emirates joint venture (JV) has been terminated by Abu Dhabi National Oil Company (ADNOC), according to a press release. 

The project, worth around $1.65 billion and awarded in February, comprised two contracts for the Dalma Gas Development Project. Petrofac Emirates’ portion of the scope of work was valued at $1.5 billion.

This termination of the contract came in light of ADNOC’s decision to cut output as part of the OPEC+ deal.

Petrofac states that it continues to carry out its remaining projects which is valued at around $7 billion and is still on the lookout for future Abu Dhabi projects.