Abu Dhabi National Oil Company (ADNOC) today awarded a contract worth $1.53 billion (AED5.62 billion) to group company ADNOC Drilling for expansion of the oil major’s offshore operations.
The two-year contract covers the provision of 12 jack-up rigs and two island rigs and the associated integrated drilling services, the company said.
“ADNOC Offshore and its strategic international partners continue to maximise value from Abu Dhabi’s offshore oil and gas resources and this award will leverage ADNOC Drilling’s start-to-finish offering to drive value and efficiencies while minimising environmental impact,” the company statement said.
Over 80 percent of the award value will flow back into the UAE’s economy under ADNOC’s successful In-Country Value (ICV) programme, supporting local economic growth and diversification.
Yaser Saeed Almazrouei, ADNOC Upstream Executive Director, said the contract awarding will help the company to increase production capacity to meet the world’s growing demand for energy with lower carbon intensity oil and gas.
ADNOC Drilling is a world leader in drilling and completion services.
“Their deep expertise and wide technical capability will maximise value and minimise the environmental footprint of every well, as ADNOC expands its production capacity,” Almazrouei said.
The latest contract will support the expansion of ADNOC’s crude oil production capacity to five million barrels per day (mmbpd) by 2030 and also gas self-sufficiency for the UAE.
Since ADNOC Drilling launched its integrated services offering in 2018, the company has enabled more than $250 million in savings for its customers through the successful end-to-end delivery of drilling and completion services.
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