Abu Dhabi Gas Industries (Gasco) has awarded a Dh1.5 billion ($408.4 million) gas development contract to France's Technip, Gasco said on Monday.

The contract is for engineering, procurement and commissioning (EPC) work on Gasco's 'Asab 3' project, which will be completed in the third quarter of 2012, the firm said in a statement.

Gasco has already awarded about $9 billion for major gas projects in the Gulf emirate. Gasco is 68 per cent owned by the Abu Dhabi National Oil Company (Adnoc), with the rest held by Royal Dutch Shell  Total and Partex.

The 'Asab 3' project is being developed to process an additional 150 million cubic feet per day of associated gas from the existing Asab, Shah and Sahil oil fields.

'The Asab 3 project will facilitate increased oil production from new ADCO facilities which are presently under development,' Gasco said in a statement. ADCO is the Abu Dhabi Company for Onshore Oil Operations, the onshore division of Adnoc.

Gasco said last year it was investing $25 billion in gas processing plants and pipelines to meet surging gas demand.-Reuters