Abu Dhabi awards $700m contract to develop oilfield

Abu Dhabi Co for Onshore Oil Development has awarded a $700m contract to the Abu Dhabi Government-controlled National Petroleum Construction to develop the giant Bab oilfield, which contains more than 500 million barrels of proved oil reserves, The National has reported. The contract is part of Adco's drive to boost output capacity by 14% within three years. Bab is one of Abu Dhabi's biggest onshore oilfields, and in 1958 was among the first to be discovered in the emirate.