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Thu 24 Sep 2009 01:35 PM

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ADNOC awards $218m rig deal to CNPC unit

UAE state-run firm awards contract to Chinese firm Baoji, to supply onshore oil rigs.

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)

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