ADNOC awards $218m rig deal to CNPC unit

OIL RIG: ADNOC pumps most of the oil produced by the UAE, the world's third-largest oil exporter. (Getty Images)

The UAE's state-run Abu Dhabi National Oil Co (ADNOC) has awarded Chinese firm Baoji Oilfield Machinery Co a $218m contract to supply onshore oil rigs, ADNOC's drilling unit said in a statement on Thursday.

Baoji is a subsidiary of China's largest oil producer, the China National Petroleum Corp (CNPC).

The contract, awarded after tender, was for rigs that would cost around 800 million dirhams ($217.8m), the National Drilling Company said in a statement.

ADNOC pumps most of the oil produced by the UAE, the world's third-largest oil exporter. The UAE plans to boost its crude capacity to around 3.5 million barrels per day in 2018 from around 2.8 million bpd now.

As part of those plans, the onshore division of ADNOC, the Abu Dhabi Company for Onshore Oil Operations (ADCO), plans to boost its capacity by 200,000 bpd in 2012 to 1.6 million bpd, and by another 200,000 bpd by 2016.

($1=3.673 UAE Dirham)

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM