Abu Dhabi's Ghasha Gas Field Attracts Big Players

Abu Dhabi's Ghasha field, with undeveloped natural gas reserves of nearly 5 trillion cubic feet has drawn interest of energy firms from all over the globe.

"It's one of the big fields that's not developed," said Anders Hatteland, Statoil's senior Middle East vice president for exploration and production, reported The National. "There are a lot of gas opportunities."

However, development of the field poses a few challenges from the point of view of the environment.

Assets such as Ghasha, long left ignored, are attracting more attention as the emirate's need for gas grows with its industrial diversification plan and the field of bidders in Abu Dhabi grows larger, the newspaper added further.

Chinese, South Korean and German companies have set up offices in Abu Dhabi to make their pitches to Abu Dhabi National Oil Company and the Supreme Petroleum Council (SPC), the official body that sets strategic hydrocarbon policy.

Statoil was invited to pre-qualify to bid for the emirate's main offshore concession and is looking at offshore opportunities including Ghasha, citing its long-term recovery rate in Norway of 60 per cent, The National said. That approaches 70 per cent, the benchmark endorsed by Ali Al Jarwan, the chief executive of Adma-Opco.

"We have a dialogue," said Hatteland. "We have conveyed to Adnoc and the SPC that we have a long-term ambition."