The suspension by ADNOC follows the announcement by the UK Serious Fraud Office (SFO) of additional pleas in January by a former Petrofac employee under the Bribery Act 2010 in relation to historic contract awards in the UAE in 2013 and 2014.
The Caofeidian 6-4 oilfield, located in the midwest of the Bohai sea, is expected to reach its peak production of approximately 15 000 bpd in 2023.
The economic impact analysis, from Oxford Economics, quantified the direct impact Neptune has on the UK, Norway, Germany and the Netherlands through its operations, the indirect impact generated through its supply chain and the induced impact due to spending by Neptune staff and suppliers’ staff.