Abu Dhabi National Oil Company (ADNOC) has awarded a contract worth $1.53 billion (AED5.62 billion) to the largest national drilling firm, ADNOC Drilling in order to support the expansion of its offshore operations.
The two-year contract awarded by ADNOC Offshore covers the provision of 12 jack-up rigs, two island rigs, and the associated integrated drilling services, according to the statement.
The contract intends to responsibly increase production capacity and meet the growing global demand for reliable, lower carbon-intensity oil and gas.
“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 footprint 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.”
Furthermore, 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.
As per the statement, “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.”