The development will enable the Belbazem Offshore Block to achieve a crude oil production capacity of 45,000 bpd, and is expected to be operational by 2023
The Supreme Petroleum Council last month approved a $122bn budget to help ADNOC boost production capacity by a fourth to 5 million barrels a day by 2030
The contracts also include the construction of a new bypass system to backup existing crude receiving stations at the Jebel Dhanna and Fujairah export terminals
The transaction will result in upfront proceeds of $2.7bn to ADNOC and is expected to close before end of 2020, subject to closing conditions and regulatory approvals