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Abu Dhabi’s National Marine Dredging Company (NMDC) Group has won a contract worth over $136 million from Abu Dhabi National Oil Company (ADNOC) to build an artificial island in Al Nouf.
The state-owned oil giant has sent a letter of award to NMDC for the construction of the island, with an estimated value of $136.8 million, according to the Abu Dhabi Securities Exchange (ADX) .
This move to construct an artificial island is part of ADNOC’s strategic plan to enhance its oil production capacity to five million barrels per day by 2030.
The Al Nouf oilfield’s output capacity is set to expand from 160,000 barrels per day to 175,000 barrels per day as part of this strategy.
NMDC has not provided further details regarding the project’s specifics.