ADNOC Terminates $1.65 B Petrofac Project

ADNOC Terminates $1.65 B Petrofac Project

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.


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