Abu Dhabi National Oil Company (ADNOC) has awarded a $1.53 billion (AED 5.62 billion) contract to ADNOC Drilling, to expand ADNOC’s offshore operations and its objective to increase oil and gas production.
ADNOC offshore division ADNOC Offshore awarded the two-year contract, which covers the provision of 12 jack-up rigs and two island rigs and the associated Integrated Drilling Services.
"ADNOC Offshore and its strategic international partners continue to maximize value from Abu Dhabi’s offshore oil and gas resources and this award will leverage ADNOC Drilling’s start-to-finish offering as well as its position as the largest drilling company in the region by rig fleet size to drive value and efficiencies while minimizing environmental impact," ADNOC said.
"Over 80% of the award value will flow back into the UAE’s economy under ADNOC’s successful In-Country Value (ICV) program, supporting local economic growth and diversification," ADNOC said.
Yaser Saeed Almazrouei, ADNOC Upstream Executive Director, said: “Through this award, ADNOC Offshore will continue to responsibly harness the energy in Abu Dhabi’s waters, as we 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 maximize value and minimize the environmental foorprint of every well as ADNOC expands its production capacity. The substantial in-country value generated through this contract will support the directives of our wise leadership to grow and diversify the UAE economy.”
This award will support the expansion of ADNOC’s crude oil production capacity to five million barrels per day (mmbpd) by 2030 and gas self-sufficiency for the UAE.
ADNOC Drilling has provided Integrated Drilling Services to ADNOC Offshore since 2019.