ADNOC DRILLING TWO OFFSHORE CONTRACTS WORTH OVER $3.4 BILLION ARE WON

 The Abu Dhabi National Oil Company (ADNOC) announced the award of two contracts worth a combined $3.4 billion to ADNOC Drilling for the hire of eight offshore jack-up rigs to increase production capacity (AED12.6 billion).

The contracts, which are worth $1.5 billion and $1.9 billion, respectively, "will support the expansion of ADNOC's crude oil production capacity to five million barrels per day (mmbpd) by 2030 and enable gas self-sufficiency for the UAE," according to a statement released by ADNOC Offshore on Thursday.

Readmore.: https://industryglobalnews24.com/two-offshore-contracts-worth-over-34-billion-are-won-by-adnoc-drilling

Even though the Net Zero 2050 Target of the International Energy Agency is less than 30 years away, Gulf national oil firms estimate that oil exports will still be possible far into the 2030s.

Related: Keppel delivers the first containership powered by LNG to Pasha Hawaii

According to Dr Sultan Al Jaber, minister of industry and advanced technology and MD of ADNOC and group CEO, "this world-leading investment will significantly expand our drilling activity to accelerate growth, drive value and responsibly unlock the UAE's resources in response to globally rising demand for energy."

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