MEGA-DEALS TOTALLING MORE THAN $3.4 BILLION ARE WON BY ADNOC DRILLING

 


ADNOC Offshore of the UAE has given ADNOC Drilling two contracts for more than $3.4 billion (AED 12.6 billion) to increase offshore drilling operations and hire eight jack-up rigs to increase production capacity.

These contracts are worth a combined $1.5 billion (AED 5.6 billion) and $1.9 billion (AED 7 billion), according to the enormous Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates. By 2030, these agreements will help ADNOC increase its capacity for producing crude oil to five million barrels per day (mmbpd), enabling the UAE to become self-sufficient in gas.

"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 energy demand," said Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC.

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Moreover, during the 15-year contracts, ADNOC Drilling's rig fleet is anticipated to help ADNOC and its strategic international partners progressively unlock Abu Dhabi's offshore oil and gas resources, "generating considerable value for ADNOC, its partners, and the UAE."

According to ADNOC, the In-Country Value (ICV) programme will boost local economic growth and diversification by reinvesting more than 80% of the awards' value in the UAE's economy.

"ADNOC Drilling will be a crucial enabler as ADNOC enhances its position as a leading low-cost and low-carbon energy producer thanks to its state-of-the-art fleet and market-leading capabilities. To support our wise leadership's orders to expand and diversify the UAE's economy, we are committed to executing our 2030 strategy, said Al Jaber.

ADNOC further clarified that drilling operations across its offshore fields, which make up nearly half of the company's production capacity, will be supported by the hiring of jack-up rigs, staff, and equipment.

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