Técnicas Reunidas and Target win a new 910 million euro gas contract in Abu Dhabi

Of the total amount of the contract, 450 million euros corresponds to the Spanish company
Técnicas Reunidas and Target win new 910 million gas contract in Abu Dhabi

REUTERS/ANDREA COMAS  -   Técnicas Reunidas and Target win new 910 million gas contract in Abu Dhabi

Técnicas Reunidas and its Emirati partner Target have been awarded a new contract worth close to 1 billion dollars to carry out the engineering, procurement and construction of a gas conditioning facility in Abu Dhabi. 

The contract awarded by Abu Dhabi National Oil Company (Adnoc), the country's national oil company, amounts to 510 million dollars (450 million euros), as reported by Técnicas Reunidas to the National Securities Market Commission (CNMV). 

The contract is part of the Ghasha concession, the world's largest offshore sour gas development, whose shareholders are Adnoc (55%), Italy's ENI (25%), Germany's Wintershall (10%), Austria's OMV (5%) and Russia's Lukoil (5%). 

The EPC contract covers the engineering, procurement and construction of gas conditioning facilities for dehydration, compression and associated utilities on Arzanah Island, located 80 kilometres from Abu Dhabi. 

The Ghasha field consists of several fields with significant gas reserves still under development (Hail, Ghasha, Hair Dalma, Satah, Bu Haseer, Nasr, SARB, Shuwaihat and Mubarraz), which have been identified by Adnoc in the northwest of the country. 

El campo de Ghasha consta de varios yacimientos con importantes reservas de gas aún en fase de desarrollo (Hail, Ghasha, Hair Dalma, Satah, Bu Haseer, Nasr, SARB, Shuwaihat y Mubarraz), que han sido identificados por Adnoc en el noroeste del país
REUTERS/SATISH KUMAR - The Ghasha field consists of several fields with significant gas reserves still under development (Hail, Ghasha, Hair Dalma, Satah, Bu Haseer, Nasr, SARB, Shuwaihat and Mubarraz), which have been identified by Adnoc in the northwest of the country.

The project is expected to be completed in 2025 and will enable the Dalma field to produce around 340 million standard cubic feet per day of natural gas, an amount equivalent to 11% of Spain's annual natural gas consumption. 

The Dalma field is located 190 kilometres northwest of the emirate of Abu Dhabi. The company explains that the natural gas produced will be "an important driver" in enabling the United Arab Emirates to become self-sufficient in gas. 

The awarding of this contract comes in a week in which the Spanish company presented results that showed a loss of 156.9 million euros for the first nine months of this year, due to the impact of COVID-19 on activity. 

However, with this contract, together with the rest of the projects it has been awarded in recent months worth 4,000 million euros, and together with the financial support of 340 million euros from SEPI, Técnicas Reunidas expects to recover from the crisis and exceed 3,000 million euros in sales this year.