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

 


The Abu Dhabi National Oil Company (ADNOC) has announced the award of two contracts to ADNOC Drilling for the hiring of eight offshore jack-up rigs to boost production capacity, totalling more than $3.4 billion (AED12.6 billion).

According to a statement released by ADNOC Offshore on Thursday, 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."

The UAE is working to get the most out of its oil and gas reserves before the renewables revolution renders hydrocarbons obsolete in the ensuing decades, similar to other Gulf nations.

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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.

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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."

"ADNOC will improve its position as a leading low-cost and low-carbon energy producer as a result of the state-of-the-art fleet and market-leading capabilities of ADNOC Drilling."

According to ADNOC's In-Country Value (ICV) initiative, more than 80% of the awards' value must be reinvested in the UAE's economy to promote economic diversification and growth there.

The jack-up rigs, which make up roughly half of the company's production capacity, would be contracted by ADNOC together with personnel and equipment to support drilling operations across its offshore fields. With 105 owned rigs, including 27 offshore jack-up units, it asserts that ADNOC Drilling is the largest national drilling business in the Middle East in terms of rig fleet size.

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