ADNOC Awards Eni and PTTEP Consortium the First Offshore Exploration Block in Abu Dhabi’s Second Competitive Block Bid Round

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Italy’s Eni and Thailand’s PTTEP awarded exploration concession for Offshore Block 3 and will invest up to AED1.51 billion ($412 million) during the exploration phase

In the event of a commercial discovery, the consortium will have the right to a production concession for a term of up to 35 years

ADNOC continues to leverage and strengthen its strategic partnerships to accelerate the exploration and development of Abu Dhabi’s hydrocarbon resources

The Abu Dhabi National Oil Company (ADNOC) announced, today, the signing of an exploration concession agreement, awarding the exploration rights for Abu Dhabi’s Offshore Block 3 to a consortium led by Eni Abu Dhabi B.V., a wholly-owned subsidiary of Italy’s multinational energy company, Eni, and PTTEP MENA Ltd., a wholly-owned subsidiary of Thailand’s PTT Exploration and Production Public Company Limited (PTTEP).

The award has been approved by Abu Dhabi’s Supreme Petroleum Council (SPC). It follows ADNOC’s award earlier this month of an onshore block to Occidental, highlighting how ADNOC continues to leverage and strengthen its strategic partnerships to accelerate the exploration and development of Abu Dhabi’s hydrocarbon resources.

The exploration concession agreement was signed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO; Claudio Descalzi, CEO of Eni; and Phongsthorn Thavisin, CEO of PTTEP.

H.E. Dr. Al Jaber said: “This concession award reinforces ADNOC and Eni’s growing partnership across our value chain and deepens our relationship with Thailand’s PTTEP, one of the key markets for our crude oil and products. This again validates our targeted approach to value-add partnerships that contribute the right combination of capital, technology, capabilities and market access to accelerate the development of Abu Dhabi’s hydrocarbon resources.

“Despite volatile market conditions, we are making very good progress in delivering Abu Dhabi’s second competitive block bid round, underscoring our world-class resource potential and the UAE’s stable and reliable investment environment. We continue to welcome partners that share our vision to sustainably unlock value from our hydrocarbon resources for our mutual benefit, as we deliver on our 2030 strategy and enable long-term returns to the UAE.”

Under the terms of this agreement, Eni will operate the exploration phase of the concession, and PTTEP and Eni will collectively hold a 100% stake in the exploration phase, investing up to AED1.51 billion ($412 million) towards exploration and appraisal drilling, including a participation fee, to explore for and appraise oil and gas opportunities in Offshore Block 3.

This award underscores the attractiveness of Abu Dhabi’s huge untapped resource potential and ADNOC’s ability to continue to secure foreign direct investment (FDI) to the United Arab Emirates (UAE), despite the tough market environment. Offshore Block 3 offers the potential to create significant in-country value for the UAE over the lifetime of the concession.

Claudio Descalzi said: “This award follows the one achieved by the same consortium in 2019 for offshore exploration Blocks 1 and 2 and represents a further important step towards the realization of Eni’s strategy to become a leading actor in the development and production in Abu Dhabi, a leading region for the oil and gas industry, while contributing through its expertise in exploration to add further resources and exploit all potential synergies with the surrounding fields. It also further strengthen our relationship with our valuable partner PPTEP. Offshore Block 3 represents a challenging opportunity that can unlock significant value thanks to exploration and appraisal of shallow and deep reservoirs”.

Following successful commercial discovery during the exploration phase, Eni and PTTEP will, together, have the right to a production concession to develop and produce such commercial discoveries. ADNOC has the option to hold a 60% stake in the production phase of the concession. The term of the production phase is 35 years from the commencement of the exploration phase.

Phongsthorn Thavisin said: “This concession award offers another great opportunity for PTTEP to strengthen collaboration with world-class strategic partners Eni and ADNOC. The consortium will bring capabilities, experiences and technology to accelerate the development of Offshore Block 3, as well as Offshore Blocks 1 and 2, and lead to a successful discovery. The strategic partnership has been established to jointly contribute to the petroleum development in UAE and be part of the growing industry. Meanwhile, this business progress has also reinforced our presence in the Middle East following the company’s Execute and Expand strategy. Such approach aims to sustainably increase both petroleum reserves and production in the future.”

Offshore Block 3 covers an offshore area of 11,660 square kilometers northwest of Abu Dhabi city. New 3D seismic data has been acquired for a part of the block, which, combined with its proximity to the existing onshore oil and gas fields, suggests the concession area has promising potential.

In addition to drilling exploration and appraisal wells, the exploration phase will see Eni and PTTEP leverage and contribute financially and technically to ADNOC’s mega seismic survey, which is already acquiring seismic data within the block area. This world’s largest 3D seismic survey is deploying industry-leading technologies to capture high-resolution 3D images of the complex geology at ultra-deep locations below the surface and will be used to identify potential hydrocarbon reservoirs.

In January 2019, a consortium led by Eni and PTTEP was awarded two offshore blocks in Abu Dhabi’s first competitive bid round. The consortium continues to explore for oil and gas in the blocks known as Offshore 1 and Offshore 2, located northwest of Abu Dhabi city.

All exploration activities in Abu Dhabi are carefully planned to mitigate any potential impacts through the implementation of protection measures, the use of advanced techniques and technologies, and stakeholder engagement to minimize drilling activities in populated or environmentally sensitive areas.

ADNOC launched Abu Dhabi’s second competitive block bid round in 2019, offering a set of major onshore and offshore blocks, on behalf of the SPC. Based on existing data from detailed petroleum system studies, seismic surveys, exploration and appraisal wells data, estimates suggest the blocks in this second bid round hold multiple billion barrels of oil and multiple trillion cubic feet of natural gas.

This award comes about a month after the SPC announced the discovery of recoverable unconventional oil resources estimated at 22 billion stock tank barrels (STB) and an increase in conventional oil reserves of 2 billion STB which boosted the UAE’s conventional reserves to 107 billion STB.

Source: adnoc.ae

ADNOC Awards Occidental Onshore Exploration Block in Abu Dhabi’s Second Competitive Block Bid Round

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The Abu Dhabi National Oil Company (ADNOC) announced, today, the signing of an exploration concession agreement, awarding the exploration rights for Abu Dhabi Onshore Block 5 to Occidental, a US-based international oil and gas exploration and production company.

The award has been approved by Abu Dhabi’s Supreme Petroleum Council (SPC) and follows the SPC’s endorsement last month for ADNOC to begin awarding exploration blocks in Abu Dhabi’s second competitive block bid round.

This award to Occidental represents a further deepening of the UAE-USA strategic bilateral relationship as well as the continued expansion of ADNOC’s strategic partnerships with those who can provide technology and capabilities, capital and access to key growth markets for the company’s crude oil and products.

Occidental will hold a 100 percent stake in the exploration phase, investing up to AED 514 million ($140 million), including a participation fee, to explore for and appraise oil and gas opportunities in the block that covers an onshore area of 4,212 square kilometers southeast of Abu Dhabi city. New 3D seismic data has been acquired over a large part of the block, which combined with its proximity to the existing onshore oil and gas fields, suggests the concession area has promising potential.

Following a successful commercial discovery during the exploration phase, Occidental will have the right to a production concession to develop and produce such commercial discoveries. ADNOC has the option to hold a 60 percent stake in the production phase of the concession. The term of the production phase is 35 years from the commencement of the exploration phase. Onshore Block 5 offers the potential to create significant in-country value for the UAE over the lifetime of the concession.

The exploration concession agreement was signed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, and Vicki Hollub, President and CEO of Occidental.

H.E. Dr. Al Jaber said: “We are very pleased to once again collaborate with Occidental and strengthen our long-standing partnership. This concession award highlights the important role of energy cooperation in deepening the strong and deep-rooted strategic relationship between the UAE and the US. Crucially, the award underscores the attractiveness of Abu Dhabi’s huge untapped resource potential and ADNOC’s ability to continue to secure foreign direct investment to the UAE’s stable and trusted business environment, despite tough market conditions.

“Occidental was selected after a very competitive bid round that builds on the success of our debut bid round completed last year as part of Abu Dhabi’s block licensing strategy aimed at accelerating the exploration and development of our substantial hydrocarbon resources. This onshore block offers new areas with significant amounts of conventional oil and gas potential, and the award signals ADNOC and Abu Dhabi’s drive to remain a long-term and reliable energy provider to the world.”

In addition to drilling exploration and appraisal wells, the exploration phase will see Occidental leverage and contribute financially and technically to ADNOC’s mega seismic survey, which is already acquiring seismic data within the block area. This world’s largest 3D seismic survey is deploying industry-leading technologies to capture high-resolution 3D images of the complex geology up to 25,000 feet below the surface and will be used to identify potential hydrocarbon reservoirs.

Vicki Hollub, President and CEO, Occidental, said: “We are honored to partner with ADNOC on a second exploration concession contiguous to Onshore Block 3, where we have completed two exploration wells with extremely promising results. We see significant potential in Onshore Block 5 and, in partnership with ADNOC, will continue to work to help unlock the vast untapped resources in Abu Dhabi.”

All exploration activities in Abu Dhabi are carefully planned to mitigate any potential impacts through the implementation of protection measures, the use of advanced techniques and technologies, and stakeholder engagement to minimize drilling activities in populated or environmentally sensitive areas.

ADNOC launched Abu Dhabi’s second competitive block bid round in 2019, offering a set of major onshore and offshore blocks, on behalf of Abu Dhabi’s SPC. Based on existing data from detailed petroleum system studies, seismic surveys, exploration and appraisal wells data, estimates suggest the blocks in this second bid round hold multiple billion barrels of oil and multiple trillion cubic feet of natural gas.

This award comes a few weeks after the SPC announced the discovery of recoverable unconventional oil resources estimated at 22 billion stock tank barrels (STB) and an increase in conventional oil reserves of 2 billion STB which boosted the UAE’s conventional reserves to 107 billion STB.

In February 2019, Occidental was awarded an onshore block in Abu Dhabi’s first competitive bid round. Occidental continues to explore for oil and gas in the block known as Onshore Block 3 that covers an area of 5,782 square kilometers in the Al Dhafra region of Abu Dhabi.

Source adnoc.ae

ADNOC Awards $519 Million Contract Further Expanding World’s Largest 3D Seismic Surve

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The Abu Dhabi National Oil Company (ADNOC) announced the award of a contract worth up to $519 million (AED1.9 billion) to further expand the scope of the world’s largest combined three-dimensional (3D) onshore and offshore seismic survey, which is currently taking place in the Emirate of Abu Dhabi. 

The expansion underscores the important role seismic surveying plays in enabling ADNOC to identify and explore new hydrocarbon resources as highlighted by the recent major discoveries of recoverable unconventional oil resources and conventional oil reserves announced by Abu Dhabi’s Supreme Petroleum Council (SPC) earlier this week. 

In addition, this mega seismic survey also supported the discovery of the conventional oil and gas reserves and the unconventional gas resources added to ADNOC’s portfolio in 2019. 

The contract was awarded to BGP Inc., a subsidiary of China National Petroleum Company (CNPC), represented in the United Arab Emirates (UAE) by Al Masaood Oil Industry Supplies & Services Co. This new award brings the total area to be covered by the survey up to 85,000 km2 and reinforces ADNOC’s commitment to unlocking the full potential of Abu Dhabi’s vast hydrocarbon resources. 

50% of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) program, highlighting how ADNOC continues to prioritize ICV as it invests responsibly to deliver its 2030 strategy. 

Yaser Saeed Al Mazrouei, ADNOC Upstream Executive Director, said: “This award builds on the solid progress we are making in executing the world’s largest combined 3D seismic survey which is an important part of our strategy to accelerate the exploration and development of Abu Dhabi’s hydrocarbon resources. It further demonstrates ADNOC’s commitment to realizing the full potential of our conventional and unconventional oil and gas resources to ensure the UAE remains a long-term and reliable energy provider to the world. The award follows a competitive tender process that ensures a significant portion of the value will flow back into the UAE’s economy, supporting local businesses in line with the leadership’s wise directives.”  

This contract increases the scope of the ongoing seismic mega survey to capture coastal areas, islands, and shallow water. It will utilize state-of-the-art technologies including cableless equipment and a wide range of environmentally friendly seismic sources

The seismic acquisition will capture high-resolution 3D images of the complex subsurface structure at ultra-deep locations and help to pinpoint potential hydrocarbon reservoirs by deploying industry-leading technologies to provide high-density survey data which is analyzed at ADNOC’s Thamama Subsurface Center. 

This data is being leveraged by all of the successful exploration partners in Abu Dhabi’s first block bid round and the data will also be available, for a cost, to the successful bidders in the second bid round, which will begin to be awarded this year following the SPC’s recent approval.

In July 2018, ADNOC awarded the first set of contracts for the seismic survey and has so far recorded almost 60% progress in executing the initial scope which includes onshore and offshore areas. The entire survey, including the added coastal scope, is on track to be completed in 2024.  

Earlier this week, the SPC announced the discovery of recoverable unconventional oil resources estimated at 22 billion stock tank barrels (STB) and an increase in conventional oil reserves of 2 billion STB which boosted the UAE’s conventional reserves to 107 billion STB. 

In November 2019, the SPC announced increases in hydrocarbon reserves of 7 billion STB of oil and 58 trillion standard cubic feet (TSCF) of conventional gas, as well as the discovery of unconventional recoverable gas resources totaling 160 TSCF.
As part of the selection criteria for contract awards, ADNOC carefully considers the extent to which bidders would maximize ICV in the delivery of a project. This is a mechanism integrated into ADNOC’s tender evaluation process, aimed at nurturing new local and international partnerships and business opportunities, fostering socio-economic growth, and creating job opportunities for Emiratis. 
This award prioritized UAE sources for materials, local suppliers, and workforce as well as advanced technologies. 

Source: adnoc.ae

Abu Dhabi announce discovery of new oil resources onshore

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The Supreme Petroleum Council (SPC)  announced the discovery of substantial recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB), and an increase in conventional oil reserves of 2 billion STB in the Emirate of Abu Dhabi.

The announcements were made following the SPC meeting presided over by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces and Vice-Chairman of the SPC. 

At the meeting, the SPC approved ADNOC’s capital expenditure (CAPEX) plan of AED 448 billion ($122 billion) for 2021-2025 to enable smart growth. As part of this plan, ADNOC aims to drive over AED160 billion ($43.6 billion) back into the United Arab Emirates’ (UAE) economy between 2021-2025. The inflow to the local economy will be enabled by ADNOC’s In-Country Value (ICV) program which is aimed at nurturing new local and international partnerships and business opportunities for the private sector, fostering socio-economic growth and creating job opportunities for Emiratis.

In addition, the SPC gave approval for ADNOC to award exploration blocks in Abu Dhabi’s second competitive block bid round which was launched in 2019. 

The SPC also reviewed the transformation in ADNOC’s Marketing, Supply and Trading (MS&T) Directorate, which has evolved to offer customers a broader service, while further stretching the value from every barrel that ADNOC produces, refines and sells. The directorate has become a more integrated shipping and logistics, storage and trading focused entity, establishing two new trading companies – ADNOC Trading (AT) and ADNOC Global Trading (AGT) – to help deliver its mandate.

The SPC also reviewed  ADNOC and ADQ’s recently announced joint venture, TA’ZIZ, established to fund and develop chemicals projects within the Ruwais Derivatives Park. ADNOC and ADQ, through TA’ZIZ, are setting the stage for the UAE’s next generation of technology-driven growth and helping to advance the UAE post-Covid economic recovery.

Other SPC members that attended the meeting were H.H. Sheikh Hazza bin Zayed Al Nahyan; H.H. Sheikh Mansour bin Zayed Al Nahyan; H.H. Sheikh Hamed bin Zayed Al Nahyan; H.H. Sheikh Mohammed bin Khalifa bin Zayed Al Nahyan; H.E. Dr. Sultan Ahmed Al Jaber; H.E. Suhail Mohamed Al Mazrouei; H.E. Hamad Mubarak Al Shamsi; H.E. Dr. Ahmed Mubarak Al Mazrouei; H.E. Khaldoun Khalifa Al Mubarak; H.E. Eng. Awaidha Murshed Al Marar; H.E. Abdullah Nasser Al Suwaidi; and H.E. Suhail Faris Ghanem Al Mazrui.

During the meeting, H.H. Sheikh Mohamed bin Zayed reaffirmed the support of the UAE President and Chairman of the SPC, H.H. Sheikh Khalifa bin Zayed Al Nahyan, for ADNOC as the company continues to deliver sustainable value for the national economy through its 2030 strategy. 

H.H. Sheikh Mohamed bin Zayed commended the Abu Dhabi National Oil Company’s (ADNOC) agility and resilience, which has enabled the company to ensure zero interruptions to its operations while achieving its operational and financial targets, despite the tough market conditions.

H.H. Sheikh Mohamed bin Zayed also commended ADNOC’s robust and proactive response to COVID-19 which continues to prioritize the health and safety of its people and ensure business continuity and ADNOC’s sustained contribution to the United Arab Emirates (UAE) economy. 

Commenting on ADNOC’s discovery of onshore unconventional oil resources and an increase in its conventional oil reserves, H.H. Sheikh Mohamed bin Zayed said the achievement is a testament to ADNOC’s relentless efforts to unlock and maximize value from the UAE’s hydrocarbon reserves for the benefit of the nation. 

Following the meeting, H.H. Sheikh Mohamed bin Zayed engaged with front line staff and thanked them for their hard work and dedication while stressing people are the nation’s greatest asset. He met members of the ADNOC Future Leaders program virtually and emphasized the Leadership’s commitment to enabling the development of the nation’s youth and ensuring they are equipped with the necessary skills to build successful careers. 

His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, said: “We are thankful for the support and guidance of His Highness Sheikh Mohamed bin Zayed and the SPC in steering ADNOC through a very challenging year where we have had to navigate COVID-19 and volatile energy markets. As a result of this wise guidance and our transformation over the past four years, ADNOC has delivered robust operational and financial performance. Following the SPC’s approval of ADNOC’s CAPEX, we are  well-positioned to continue driving long-term and sustainable value for the UAE while creating opportunities for local businesses and private-sector jobs for Emiratis through our in-country value target.” 

Commenting on the SPC’s announcement of new hydrocarbon discoveries, H.E. Dr. Al Jaber said: “Today’s announcement by the SPC of the discovery of recoverable unconventional oil resources demonstrates how ADNOC is efficiently expediting the exploration and development of Abu Dhabi’s unconventional resources and marks a major milestone as the nation’s unconventional industry evolves. Importantly, the increase in the UAE’s conventional oil reserves sends a strong signal that ADNOC is leaving no stone unturned in unlocking value from our abundant hydrocarbon resources to ensure the UAE remains a long-term and reliable energy provider to the world for decades to come. 

“In parallel, we are developing large-scale capital projects in Ruwais to further stretch the margin from each barrel of oil we produce as we deliver on our downstream expansion strategy – at the heart of which are our plans to develop Ruwais into a dynamic, global hub for the UAE’s industrial growth and economic diversification –  and we are strengthening our marketing, supply, and trading capabilities to unlock greater value from our products.” 

ADNOC’s CAPEX plan will enable it to drive upstream growth, progress downstream expansion and further strengthen the company’s marketing and trading capabilities to ensure it maintains its competitiveness and industry leadership position over the next fifty years. 

To underpin this competitiveness, H.H. Sheikh Mohamed bin Zayed mandated ADNOC to explore potential opportunities in Hydrogen with the ambition to position the UAE as a Hydrogen leader.

ADNOC’s downstream expansion continues to prioritize the transformation of Ruwais into a globally competitive chemicals and industrial hub, leveraging close geographic proximity to fast-growing global demand centers, a competitive feedstock position, Abu Dhabi’s attractive fiscal and regulatory environment, and an integrated utilities, infrastructure and services offer to drive accelerated FDI inflows over the long term.

Despite the challenging market conditions, ADNOC delivered AED 62 billion ($16.8 billion) in foreign direct investment (FDI) to the UAE this year, taking the total FDI ADNOC has driven since 2016 to AED 237 billion ($64.5 billion). His Highness expressed the SPC’s appreciation of ADNOC’s smart and innovative approach to strategic partnerships and investments which has resulted in the company completing several landmark transactions. 

ADNOC maintains its leadership role in driving ICV for the UAE following the huge success of its ICV program which has driven more than AED 76 billion ($20.7 billion) back into the UAE’s economy and created over 2,000 private-sector jobs for Emiratis since it was launched in January 2018. ADNOC’s new ICV goal will enable the localization of strategically critical parts of the oil and gas value chain and create more private-sector jobs for Emiratis.

The new discovered resources will further strengthen the UAE’s role as a leading resource holder with high-quality crude grades, reinforce the country’s energy security and underpin its position as an essential and reliable energy provider to the world. This year, ADNOC successfully increased its crude oil production capacity to over 4 million barrels per day (mmbpd).

The mandate to explore potential opportunities in Hydrogen will see ADNOC capitalize on the emerging global market for Hydrogen by leveraging its existing infrastructure and partnership base as well as Abu Dhabi’s vast reserves of natural gas. 

ADNOC already produces hydrogen for its downstream operations and following this mandate, the company will explore the potential to help meet the emerging global demand for hydrogen and ammonia derived from natural gas. Building on its advantaged position as a major natural gas reserves holder and producer, with existing infrastructure and strong partnerships, ADNOC is well placed to lead the development of international value chains and establish a hydrogen ecosystem for the UAE in partnership with other Abu Dhabi entities.

The 22 billion STB of recoverable unconventional oil resources announced by the SPC exceeds some of Abu Dhabi’s major fields in terms of resources and the production potential ranks alongside the most prolific North American shale oil plays. The unconventional oil resource assessment was supported by extensive well data as well as a dedicated appraisal program by ADNOC in an area covering 25,000 square kilometers onshore in Abu Dhabi. 

The 2 billion STB of conventional oil reserves announced by the SPC increases the UAE’s conventional oil reserves base to 107 billion STB of recoverable oil, strengthening the country’s position in global rankings as the holder of the sixth-largest oil reserves. This increase in reserves is as a result of the ongoing maturation of ADNOC’s developments towards its 5 million barrels per day (mmbpd) oil production capacity target by 2030, and its appraisal activities, particularly in the Al Nouf field. 

Both the conventional and unconventional oil resources offer the potential to provide ADNOC with additional amounts of Murban-grade crude. Murban is ADNOC’s signature grade crude and is recognized around the world for its intrinsic chemical qualities, consistent and stable production volumes, large number of international buyers, and numerous long-term concession and production partners.

Ryder Scott Co. LP has confirmed through an independent assessment that ADNOC’s conventional oil reserves and the technically recoverable unconventional oil resources are consistent with their results. 

These additions to the UAE’s hydrocarbons base follows the announcement in November 2019 by the SPC of increases in hydrocarbon reserves of 7 billion STB of oil, 58 trillion standard cubic feet (TSCF) of conventional gas, and 160 TSCF of unconventional recoverable gas resources. These additions to the UAE’s hydrocarbon reserves marked a historic milestone for the country since the last major update of its reserves base three decades ago.

Following the SPC’s approval for ADNOC to award exploration blocks in the Abu Dhabi 2019 Block Bid Round, the company is set to announce the successful bidders. Based on existing data from detailed petroleum system studies, seismic surveys, exploration and appraisal wells data, estimates suggest the blocks in this second bid round hold multiple billion barrels of oil and multiple trillion cubic feet of natural gas.

As ADNOC develops its upstream resources and expands its downstream footprint, it is further strengthening its marketing and trading capabilities. As part of this effort, AGT – a joint venture with Eni and OMV – is set to begin the trading of refined products before the end of the year. 

In addition, ADNOC will expand its shipping capabilities by purchasing a fleet of Very Large Crude Carriers (VLCCs), through ADNOC Logistics & Services (ADNOC L&S), creating new long-term revenue streams as it enters a new sector to support growing customer demand and its historic move into trading.

AGT and AT are both incorporated at the International Financial Center, Abu Dhabi Global Market, joining ICE Futures Abu Dhabi (IFAD), which plans to launch trading in Murban futures contract at the end of March 2021. IFAD will be the world’s first trading platform to include futures contracts based on Abu Dhabi’s unique grade of Murban crude – increasingly the benchmark grade in Asia’s fast-growing economies.

Source: adnoc.ae